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http://www.investegate.co.uk/Article.aspx?id=20100322120000PA1BC

Brief Excerpt:

Results at a Glance ($000, except as noted)
2009 2008
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Oil revenue 86,614 110,253
Net operating income 31,496 51,141
Net loss 150 1,587
Fund generated from operations 25,422 41,713
Capital expenditures 38,324 78,378


December 31
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2009 2008
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Cash and deposits 68,270 20,107
Working capital (deficiency) 75,414 (7,387)
Total assets 304,820 214,675
Bank loans 28,085 28,125
Shareholders' equity 213,960 125,358

Average production (bopd) 6,438 5,875
Average price ($/barrel) 36.86 51.27
Netback ($/barrel) 13.40 23.78


- Average production at Patos Marinza increased 10% to 6,438 bopd from
5,875 bopd in 2008. Exit production at year-end 2009 was 8,100 bopd
as compared to 6,960 bopd at year-end 2008.

- Reserves in Albania increased at all levels: a 21% increase in
Original-Oil-in-Place assessment to 6 billion barrels from 5 billion
barrels, a 19% increase to 214 million barrels of proved plus
probable reserves and a 36% increase to 422 million barrels of
proved, probable and possible reserves. Additionally, the Company's
independent reservoir engineers assigned contingent and prospective
resource oil estimates of 838 million and 384 million barrels,
respectively.

- In July 2009, Bankers resumed its horizontal drilling program to
build on the success of its first horizontal well drilled in December
2008. A total of 10 horizontal wells were drilled and completed in
2009.

- Bankers marketing efforts in 2009 resulted in achieving an average
sales price of 60% of the Brent oil price, as compared to 53% in
2008. The netback, after royalties, operating, sales and
transportation costs, for the fourth quarter of 2009 represented 42%
of the average sales price, a significant increase from 19% in the
fourth quarter of 2008.

- Bankers exited 2009 with working capital of $75 million, inclusive of
a cash position of $68 million. At December 31, 2009, the Company had
drawn $28 million of its $141 million credit facilities.

- In July 2009, Bankers commenced export operations from the new Port
of Vlore export terminal. This facility significantly enhances the
Company's export operations, provides 80,000 barrels of storage
capacity and plays a key role in Bankers' production growth and
additional export capacity.

- In December 2009, the main terms and conditions for a petroleum
agreement for the Block "F" exploration acreage application was
accepted by the National Agency of Natural Resources…

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