The Next Phase
Bankers Petroleum is now preparing to grow its staff, Wadsworth says. The company has announced the appointment of Abdel F. Badwi, who will be assuming the role of CEO and strategic advisor in February while Wadsworth remains President and undertakes the role of COO.

Previously, he was the president and CEO of Rally Energy Corp., an oil and gas exploration development and production company based in Egypt. The company was sold recently to Citadel Capital Co. and National Petroleum Co. S.A.E.

Financial Advisor Douglas Urch and Technical Advisor Ian McMurtie will join Badwi at Bankers Petroleum. Urch brings with him more than 25 years of oil and gas industry experience and was previously the vice president of finance and CFO of Rally.

In addition, McMurtie was the vice president of exploration at Rally, and served as the president of Cawdor Investments Ltd., a company that managed oil and gas royalties and provided consulting services to public and private companies.

“Abby, Doug and Ian were instrumental in substantially growing Rally Energy’s reserves, production and cash flow in the Issaran oilfield in Egypt over a short two-year period, and our Patos Marinza oilfield has many similarities to that field,” Chairman Bob Cross said in a statement.

“They bring a wealth of experience in all aspects of heavy oil operations, including enhanced oil recovery technologies, which will complement the proven capabilities of the team that Richard Wadsworth has assembled in Albania,” Cross added. “We look forward to our next phase of growth.”
    
Maximizing Value
Bankers Petroleum is also taking steps forward to maximize its value to shareholders, Wadsworth says. Although the company has many international shareholders who were attracted to its heavy oil business, Bankers Petroleum also has shareholders who have more confidence in its natural gas business.

“In that kind of situation, sometimes one plus one doesn’t always equal two,” Wadsworth says. “How do we get that to equal two or something higher? It might mean something such as splitting up the company [where] the shareholders get the choice in the way they want to invest in the future through their focused asset of choice.”

Bankers Petroleum will be reviewing the options of selling portions of its business or even creating a new entity, he says.

“Early in the new year, we expect to come out with a new two- to three-year business plan for the company that will focus our direction,” Wadsworth states.

In Albania, Bankers Petroleum will also explore secondary and enhanced oil recovery techniques to continue accessing the 2 billion barrels, Wadsworth says.     “You can’t get a lot of heavy oil out of primary straight production but the real upside is secondary and enhanced which could provide multiples more,” he says.

‘110 Percent’
Wadsworth praises his Albanian work force. “A lot of times we hear you can’t get the right quality of workmanship internationally,” he says, noting that the company has found the opposite to be true.

Recently, Bankers Petroleum hired Albanian local contractors for the welding work on a steam injection well. “There were a lot of naysayers that said it can’t be done because of inexperience,” Wadsworth remembers.

But the locals Bankers Petroleum hired defied expectations and completed the welding successfully, without a single leak. “Albanians are great, hard-working people,” Wadsworth raves. “When they do a job, they do it at 110 percent.”

Rewarding Work
Wadsworth has enjoyed his time in the petroleum industry. “I get to meet and have an impact in different places in the world for people,” he says.

“I’m very proud of what we’ve done in Albania,” he continues. “Certainly, when you can attach it to the culture and a positive impact to a country, it’s even more rewarding.”

Looking ahead, Wadsworth predicts continued growth in reserves, production and cash flow for Bankers Petroleum.

“I think that with our next three-year plan for Albania – and with the success accomplished to date – we’re going to be able to leverage it into other prospects,” he states. “I think a lot of opportunities are out there, just waiting.”