Bankers Q1 profit $470K from $2.5M year-ago loss

The Canadian Press ~ The News
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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.”

Organizations: Bankers Petroleum Ltd., TSX

Geographic location: CALGARY, Balkan, Albania

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