August 13, 2010 / 12:28 PM / 8 years ago

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 (Reuters) - 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 Albpetrol.

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 Kakkrakandy)

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