* Says proved reserves up 30 pct at end 2010
* Proved plus probable reserves up 11 pct to 238 mln barrels
* Shrs fall 10 pct (Rewrites, adds analysts comments in 2nd, 5th, 8th and 10th paragraphs, updates share paragraph)
March 9 (Reuters) - Bankers Petroleum Ltd's proved plus probable reserves at its Albanian heavy oil operations rose 11 percent at end 2010, but fell short of market expectations, sending the oil and gas explorer's shares down 10 percent.
"The increase in proven plus probable reserves is toward the bottom end of our expectations for 10-20 percent...the market may have been expecting something closer to the top end," TD Newcrest analyst Jamie Somerville wrote in a note to clients.
The Calgary, Alberta-based company, which posted 2010 production of about 3.5 million barrels, said future undiscounted capital costs for Patos-Marinza and Kucova oil-fields in Albania are estimated at $1.2 billion on proved plus probable reserves basis.
The company, which plans to reactivate 624 wells starting 2011, also said exploration and development costs are estimated at $5.80 per barrel on proved plus probable reserves basis.
The total size of the field (Albanian) is now much higher, so it looks like it is going to cost them (Bankers Petroleum) more on a unit basis to develop the reserves, analyst John of Ticonderoga Securities told Reuters.
The company said proved plus probable reserves were 238 million barrels at Dec. 31, 2010, while proved reserves rose 30 percent to 120 million barrels of oil.
The growth in reserves is attributable to the expansion of horizontal drilling at Patos-Marinza, Bankers Petroleum said in a statement.
"The proved (reserves) outperformed but the probable is down a bit," John Malone said.
In January, the company had reported a 50 percent rise in fourth-quarter oil production. [ID: nSGE70A09R]
"The market is likely to look past any minor disappointment regarding proved plus probable reserves to longer term resource potential, which has increased substantially...," analyst Somerville said.
Bankers Petroleum shares were trading down 87 Canadian cents at C$8.52 on Wednesday on the Toronto Stock Exchange. They touched a low of C8.44 earlier in the session. (Reporting by Arnika Thakur in Bangalore; Editing by Sriraj Kalluvila) (email@example.com within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org)