Bankers Petroleum sees oil revenue double

Bankers Petroleum, an oil and gas producer, saw oil revenue double for 2011 while net income more than tripled.

Oil revenue rose from $0.17m to $0.34m, net income jumped from $0.11m to $0.34m, while net operating income doubled from $0.8m to $0.17m. Earnings per share rose from 0.044 cents to 0.146 cents.

Capital expenditure increased from $0.023m to $0.036m.

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Average production rose from 9,597 to 12,784 barrels of oil per day, while the average price per barrel jumped from $48.64 to $72.84.

Cash at the end of the period fell from $0.12m to $0.054m, working capital fell from $0.13m to $0.08m and long-term debt more than doubled from $0.02m to $0.047m.

In a statement the firm said: "The company has focused on expanding the water disposal capacity in the Patos-Marinza oilfield during the quarter with drilling of four water disposal wells. Three of the four wells have finished drilling and surface facilities installation, and are being brought on injection; the fourth well will be brought on prior to the end of the quarter.

"All four wells are expected to operate at full capacity in the second quarter and will enable the company to gradually bring currently shut-in wells related to water disposal capacity, on production over the next few weeks."

NR