Bankers Petroleum, $2.83, symbol BNK on Toronto (Shares outstanding: 252.9 million; Market cap: $715.7 million; www.bankerspetroleum.com), is a Canadian company with heavy-oil assets in Albania.
Bankers produces over 16,100 barrels per day from its Patos Marinza heavy-oil field. It also holds 100% of the nearby Kucova field. The company has a deal with state-owned Albpetrol to take over and reactivate 120 to 130 wells each year at the two fields.
The company’s shares have moved down lately, along with those of most producers, on lower oil prices. Still, the company will likely continue to increase its production and cash flow.
Even with lower oil prices, Bankers could report cash flow of as much as $0.75 U.S. a share this year, and $0.99 a share in 2013. The company holds cash of $21.7 million U.S., or $0.09 a share. Its long-term debt of $97.0 million U.S. is just 13.6% of its market cap.
Bankers’ focus on Albania entails some political, economic and currency risk. However,…
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