30th Mar 2007 14:25
Bankers Files Reserve Information
Net Present Value of Reserves Increases Over 2005
CALGARY, March 30 /CNW/ - Bankers Petroleum Ltd. today announced the results of its December 31, 2006, independent reserves evaluation. The evaluation was conducted by APA Petroleum Engineering Inc. and prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
The reserve data in this release is subject to and should be read in conjunction with the entire Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information. The Form 51-101F1, Form 51-101F2 - Report of Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure have been filed with Canadian securities regulators. These filings can be accessed electronically on Bankers website at www.bankerspetroleum.com or on the SEDAR website at www.sedar.com.
Reserve Details --------------- Summary of Oil and Gas Reserves Forecast Prices and Costs Net Interest 2006 Heavy Natural Total Total Change Oil Gas 2006 2005 % ------------------------------------------------------------------------- (mbbls) (bcf) (mboe) (mboe) Proved Developed producing 8,845 - 8,845 4,685 89 Developed non-producing - - - - - Undeveloped 29,536 - 29,536 32,671 (10) ------------------------------------------------------------------------- Total proved 38,382 - 38,382 37,356 3 Probable 54,675 - 54,675 51,219 7 ------------------------------------------------------------------------- Total proved plus probable 93,057 - 93,057 88,575 5 Note: May not add due to rounding Net Present Value of Reserves Forecast Prices and Costs Net Interest, After Income Taxes 2005 2006 Undiscounted Discounted Discounted Discounted Change (US$ millions) at 5% at 10% at 10% % ------------------------------------------------------------------------- Proved Developed producing 77.9 70.8 64.5 25.0 158 Developed non-producing - - - - - Undeveloped 128.1 83.4 53.3 33.7 58 ------------------------------------------------------------------------- Total proved 206.0 154.2 117.9 58.7 100 Probable 574.9 324.3 200.8 195.6 3 ------------------------------------------------------------------------- Total proved plus probable 780.9 478.5 318.7 254.3 25 Note: May not add due to rounding Caution Regarding Forward-looking Information
Information in this news release respecting the reserves valuations, expected production levels, prices and anticipated total oil recovery at the Patos Marinza oilfield constitutes forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Production and oil recovery targets are based on a number of assumptions including that the rate of well takeovers and well recompletions of the past will continue and success rates will be similar to those rates experienced for previous well recompletions/development; that further wells taken over and recompleted will produce at rates similar to the average rate of production achieved from wells recompleted/redeveloped in the past; continued availability of the necessary equipment, personnel and financial resources to sustain the Company's planned work program; continued political and economic stability in Albania; the existence of reserves as expected; the continued release by Albpetrol of areas and wells pursuant to the Plan of Development; the absence of unplanned disruptions; the ability of the Company to bring production to market; and general risks inherent in oil and gas operations.
The Company's actual reserves and future production may be greater than or less than the estimates provided. The estimated future net revenue from the production of the Company's reserves does not represent the fair market value of Bankers' reserves.
Statements including forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company and its operations to be materially different from estimated costs or results expressed or implied by such forward-looking statements. Such factors include, among others, the risk that future well redevelopment will not have the same success rates or rates of recompletion as those experienced in the recent months, that Brent oil prices could fall resulting in reduced returns and a change in the economics of the project, general risks and uncertainties associated with exploration and petroleum operations including delays associated with equipment procurement, equipment failure, lack of suitably qualified personnel, the inherent uncertainty in estimation of reserves, exports from Albania being disrupted due to unplanned disruptions, changes in the political or economic environment, and other factors described under "Risk Factors" in the Company's Annual Information Form, NI 51-101F1 and in each of the Company's management's discussion and analysis filed with the Securities Commissions of the provinces of British Columbia, Alberta, and Ontario, which are available on SEDAR at www.sedar.com.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Review by Qualified Person
This reserve release was reviewed by Richard Wadsworth, President of Bankers Petroleum Ltd., who is a "qualified person" under the rules and policies of AIM in his role with the Company and due to his training as a professional petroleum engineer with over 14 years experience in domestic and international oil and gas operations.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on opportunities in unconventional petroleum assets. Bankers holds interests in four prospects in the Northern and Central regions of the United States, where it is currently pursuing the exploration of shale gas plays. It also operates in the Patos-Marinza oilfield in Albania pursuant to a license agreement, producing heavy oil. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.
For further information: Susan J. Soprovich, VP, Investor Relations and Corporate Governance, (403) 513-2681, Email: investorrelations(at)bankerspetroleum.com, Website: www.bankerspetroleum.com (BNK)
BANKERS PETROLEUM LIMITEDRelated Shares:
BNK.L