UPDATE 1-Bankers Petroleum posts Q2 profit on higher production

* Q2 EPS $0.01 vs loss $0.01/shr year ago

* Funds from operations $18.8 mln

* Q2 average production up 54 pct

Aug 13 (BestGrowthStock) – Canada’s Bankers Petroleum Ltd (BNK.TO: )
reported a quarterly profit, as average oil production at the
company, which operates oilfields in Albania, rose 54 percent.

The company also said it was interested in participating in
the privatization process of Albania’s national oil company

For the second quarter, the company earned $2.7 million, or
1 cent a share, compared with a net loss of $1.7 million, or 1
cent a share, a year ago.

The company’s funds generated from operations more than
tripled to $18.8 million, while revenue more than doubled to
$42.1 million.

Bankers Petroleum, which is focused on developing large oil
and gas reserves in Albania, said its average production was
9,830 barrels of oil per day (bopd). The production was up 19
percent growth over the first quarter.

The company said its presently producing about 10,300 bopd
and expects to reach 15,000 bopd by the end of the year.

Bankers Petroleum operates and has the full rights to
develop the Patos Marinza heavy oilfield and has a 100 percent
interest in the Kucova oil field in Albania.

Shares of the Calgary, Alberta-based company, which have
shed 13 percent over last three months, closed at C$6.80
Thursday on the Toronto Stock Exchange.
(Reporting by Ashutosh Joshi in Bangalore; Editing by Jarshad

UPDATE 1-Bankers Petroleum posts Q2 profit on higher production