April 7, 2011 / 11:46 AM / 7 years ago

UPDATE 2-Bankers Petroleum's Albanian oilfield output jumps; shares up

* Q1 Patos-Marinza production jumps 44 pct to 11,894 bopd

* Says current production 13,500 bopd

* Shares rise 7 pct (Adds details, share movement)

April 7 (Reuters) - Canada’s Bankers Petroleum Ltd reported a 44 percent rise in first-quarter production from the Patos-Marinza oilfield in Albania, sending its shares up 7 percent to a one-month high.

The Calgary, Alberta-based oil and gas company reported 11,894 barrels of oil per day (bopd) from the oilfield in the quarter, compared with 8,282 bopd last year.

The company said it had drilled 16 horizontal wells in the quarter, of which 13 are producing. Average production for all horizontal wells is 130 bopd per well at the end of the quarter.

Bankers Petroleum, which started the year with three drilling rigs in Albania, expects fourth one to arrive later this month. The company is also getting another rig in the country, which it expects to be operational in the fourth quarter.

The company also said total average production in the period was 12,147 bopd.

Bankers Petroleum has a deal with state-owned Albpetrol Sh.A since June 2004 to takeover and re-activate 120-130 wells every year in Albania.

The Patos-Marinza oilfield’s first-quarter average oil price was $68.06 per barrel. In the quarter, Nymex light crude futures CLc1 jumped past $100 a barrel.

The company also said the current production rate exceeds 13,500 bopd.

Shares of the company were up 4 percent at C$8.69 in morning trade on Thursday on the Toronto Stock Exchange. Earlier in the session, they touched a high of C$8.95.

The stock was one of the top gainers on the bourse. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel)

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