Bankers Petroleum Reports 54% Increase in Reserves
Bankers Petroleum Ltd. provided the results of its December 31, 2007, independent reserves evaluation. Evaluations were conducted by RPS Energy Canada Ltd. (formerly APA Petroleum Engineering Inc.) for Bankers' Albanian assets and MHA Petroleum Consultants, Inc. for Bankers' U.S. assets, and were prepared in accordance with National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities.
Proved reserves (1P) increased 19% to 54.0 million barrels of oil equivalent (MMboe) from 45.3 MMboe in 2006, net of 2007 production of 1.7 MMboe (4,764 bopd) in 2007.
Proved plus Probable reserves (2P) increased 54% to 156.6 MMboe from 101.9 MMboe in 2006.
Possible reserves of 96.7 MMboe were added to the evaluation for total 3P reserves of 253.3 MMboe.
The majority of the increase in reserves is attributable to the Patos Marinza oilfield in Albania that has 1,957 MMboe of recognized oil-in-place. The increase is attributable to the continuation of well reactivations and a new well development program associated with Bankers three-year plan, which will be announced shortly. No reserves are included for the recent Kucova field acquisition, announced in February 2008.
In Oklahoma, successful discoveries and development drilling in the Tishomingo field established first commercial natural gas production for the Company in September 2007. This resulted in 45.8 Bcfe of Proved plus Probable reserves at December 31, 2007. Additional drilling in this area will continue in 2008.
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