CALGARY — Bankers Petroleum Ltd. (TSX:BNK), a Calgary oil company which operates in the Balkan country of Albania, reports its net profits in the first quarter was $470,000 or two cents a share from a loss of nearly $2.5 million or 14 cents in the same 2009 period.
Revenues jumped to $35.1 million from $13.1 million a year earlier, on higher output, the company reported Friday.
Production hit 9,500 daily barrels at the end of March.
“We are very pleased with the results (as) 10,000 bopd is a significant milestone in the growth of the company,” said Abby Badwi, president and CEO of the company.
“With the addition of a second drilling rig in January, the company doubled its capacity to drill horizontal wells and increase production significantly over the quarter as a result.”