March 31, 2011 / 1:10 PM / 9 years ago

UPDATE 1-Bankers Petroleum inks $34 mln deal with Albpetrol

* Bankers to takeover 140 active wells

* Says to retain sole operatorship of the contract area as part of the deal (Follows alerts)

March 31 (Reuters) - Canada’s Bankers Petroleum Ltd said it signed a $34 million deal with Albanian national oil company Albpetrol that will make it the only operator in the Patos-Marinza oilfield and contract area in Albania.

Bankers will take over 140 active wells from Albpetrol with current production of 400 barrels per day (bopd).

Albpetrol will retain all liabilities and obligations for legacy environmental damages in the contract area.

Bankers said it intends to take over and systematically shut-in all existing production from the wells over the next three months. It plans to clean up, re-equip and reactivate the wells over the following several months.

“Plans to develop the extension to the north and south of the current field boundary are also contemplated. These activities will occur within the company’s existing 2011 budget scope and production timeline,” Bankers said in a statement.

The Calgary, Alberta-based company’s shares closed at C$8.12 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore)

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