Q: What is Bankers’ production?
A: Production averaged 15,020 bopd in 2012.
Q: What is Bankers’ cash flow?
A: Funds generated from operations increased to $148 million in 2011 from $71 million in the previous year.
Q: What is Bankers’ debt?
A: Bankers exercising a plan of balanced capital spending primarily from cash flow and available cash. The Company maintains a strong balance sheet and held US$40.1 million with working capital of approximately US$106.5 million at September 31, 2012. Bankers has utilized $106 million of its $131 million credit facility from the European Bank for Reconstruction and Development and the International Finance Corporation and Raiffeisen credit facility of US$31 million.
Q: Who are Bankers’ reserves engineers?
A: Annually, the Company obtains independent reservoir evaluations of its Albanian properties by RPS Energy Canada Ltd. (Patos-Marinza oilfield) and by DeGolyer and MacNaughton Canada Ltd. (Kuçova oilfield).
Q. What is the extent of Bankers reserves?
A: For the year ended December 31, 2012, Bankers’ proved and probable reserves in Albania was reported as 224 million barrels, with a total Original Oil in Place of 5.4 billion barrels across the reserves area. The corresponding net present value (NPV) after tax (discounted at 10%) was reproted as $1.9 billion.
Q: How many shares does Bankers have outstanding and where do they trade?
A: Bankers trades under the symbol “BNK” on both the TSX (Canada) and AIM (London) exchanges. As of February 23, 2013 the Company had 254 million total shares and 274 million fully diluted shares.
Q: What is Bankers’ Albania position?
A: Bankers is focused on accessing the heavy oil upside from its Albanian assets. The Company operates in the Patos-Marinza field pursuant to a 25-year license agreement to 2029, with multiple 5 year extensions. This 70 km2 heavy oil field is the largest onshore oilfield in continental Europe with 5.4 billion barrels of original oil in place. In addition, Bankers has full rights to develop the Kuçova oilfield in Albania, which has 297 million barrels of original-oil-in-place. Bankers also holds a 7 year exploration contract on Block F, a 185,000 acre block next to Patos-Marinza.
Q: Why should someone consider investing in Bankers?
A: Bankers Petroleum has strong management team with an impressive track record which includes year-over-year production growth and cash flow growth since the Company’s inception. Bankers’ world class heavy oil asset in Albania has a reported 224 million barrels of Proved plus Probable (2P) reserves and 5.4 billion barrels of Original Oil in Place in its assets and reserves. The attractive well economics of the Patos-Marinza oil field and strong oil sales (representing 80% of Brent) will allow Bankers to fully fund its 2013 capital program with funds generated from operations.