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UPDATE: Bankers Petroleum to Spend $215 Million for 2012 Capital Program; Shares Pare Earlier Gains

Bankers Petroleum Ltd. (BNK.TO) is still in the green, but is now trading just 2% above yesterday's $4.32 close at $4.39 after announcing its 2012 capital program of US$215 million.

The company said the 2012 capital program will focus on major development activities at the Patos-Marinza oilfield to include production and reserves growth drilling, reactivation and workover of existing wells, associated field infrastructure and progression of the thermal program. The program will also include expansion of the waterflood program at the Kucova oilfield and exploration drilling on Block F acreage in Albania.

BNK shares saw heavy trading today, with more than 2.7 million shares that have already traded.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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