Bankers Petroleum, $1.79, symbol BNK on Toronto (Shares outstanding: 252.9 million; Market cap: $452.2 million; www.bankerspetroleum.com), has heavy-oil assets in Albania, including its Patos Marinza field, from which it produces over 14,000 barrels a day. The company also owns the nearby Kucova field.
The company’s shares have moved down lately, because its production has remained flat. That’s mainly because it has already heavily developed the Patos Marinza field, and it is running into a number of challenges, including interference from old well bores and an influx of sand and water. Still, the company believes it can overcome these obstacles.
Even with its production problems, Bankers’ cash flow could climb as high as $0.80 a share this year, and $0.89 a share in 2013. (All amounts except share price and market cap in U.S. dollars.) The company holds cash of $72.2 million, or $0.29 a share, and has low debt.
Bankers’ focus on Albania entails some political, economic and currency risk. However, it’s okay…
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