6th Dec 2010 17:55
BANKERS PETROLEUM PROVIDES UPDATE ON FLOODING SITUATION IN ALBANIA
CALGARY, Dec. 6 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") would like to provide the following update on the flooding situation in Albania.
On December 4th, 2010, the banks of the Semani river which winds through the northern half of the Patos-Marinza oilfield were breached by high water levels due to heavy rainfall. The flooding, which extends into current areas of development in the field, has caused Bankers to shut in 1,800 bopd of production and shut down operations of three workover rigs and one drilling rig. The rain has currently ceased, the river is back within the banks, water levels are beginning to recede and as of this morning, 1,200 bopd of production have been restored. While new rainfall may add to delays in resumption of activity, Bankers is optimistic that activity will resume at full capacity in short order. A full assessment of property and equipment damage is underway. Bankers is happy to report that all employees and consultants are safe and no injuries have been sustained. Additionally, the Company is pleased to be assisting the local communities.
Please refer to Bankers website www.bankerspetroleum.com for pictures of the flooding.
Bankers active production on December 4th, prior to curtailing activities due to flooding, was 11,200 bopd with multiple horizontal wells in the early ramp up stage of production and several new wells planned for the remainder of this month.
---------About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves. In Albania, Bankers operates and has the full rights to develop both the Patos-Marinza and the Ku§ova heavy oil fields. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
For further information:
Abby Badwi, President and Chief Executive Officer (403) 513-2694 Doug Urch, Executive VP, Finance and Chief Financial Officer (403) 513-2691 Mark Hodgson, VP, Business Development (403) 513-2695
Email: [email protected]: www.bankerspetroleum.comAIM NOMAD:Canaccord Genuity LimitedRyan Gaffney/ Henry Fitzgerald-O'Connor+44 20 7050 6500AIM JOINT BROKERS:Canaccord Genuity Limited Macquarie Capital Advisors
Ryan Gaffney/ Henry Fitzgerald-O'Connor Ben Colegrave/Paul Connolly +44 20 7050 6500
+44 20 3037 5639
vendorRelated Shares:
BNK.L