BNK Petroleum Inc. announces 2013 year-end reserves

CAMARILLO, CA, March 3, 2014 /CNW/ - BNK Petroleum Inc. (the "Company" or 
"BNK") (TSX: BKX) is providing the results of its December 31, 2013 
independent reserves evaluation. 
The evaluation of the Company's reserves in the Caney / Upper Sycamore 
formations of the Tishomingo Field in Oklahoma was conducted by Netherland, 
Sewell and Associates, Inc. ("NSAI") in accordance with National Instrument 
51-101 - Standards of Disclosure for Oil and Gas Activities. 
2013 Gross Reserves Summary 


        --  Total Proved Reserves: 4 million Barrels of oil equivalents
            (BOEs)
        --  Proved & Probable Reserves: 15.5 million BOEs
        --  Proved, Probable and Possible Reserves: 40.9 million BOEs

Net Present Value of Future Net Revenue (before tax, discounted at 10%)
        --  Total Proved Reserves: U.S.$71 million
        --  Proved & Probable Reserves: U.S.$286 million
        --  Proved, Probable and Possible Reserves: U.S.$847 million

These reserves estimates are attributed to the 6 wells already drilled and the 
assumed drilling of 29 net additional wells for the Proved and Probable 
reserves and 25 net wells for the Possible reserves at 160 acre spacing (4 
wells per section) over the next 4 years.  The reserves are allocated to 
approximately 9,200 net acres in the Company's westerly acreage. This is 
approximately 63% of the Company's 14,700 net acres in the Tishomingo Field.  
Based on data from the Company's historical drilling in the deeper Woodford 
formation correlated with a 3D seismic survey across its entire Tishomingo 
acreage, the Company anticipates that future wells on its easterly acreage 
will confirm reserves over its entire acreage.  The Company also believes that 
future well locations will ultimately be able to be further downspaced to 
increase recoverable reserves.
                                                                                                         
                                                          Summary of Oil & Gas Reserves
                                                              Forecast Prices & Costs
                                                                                                  
                                                                        Natural Gas
                      Light & Medium Oil          Natural Gas               Liquids            MBOE's
                        BNK                   BNK                   BNK                 BNK
    Reserve            Gross       Net       Gross       Net       Gross      Net      Gross       Net
    Category           (Mbbl)     (Mbbl)     (MMcf)     (MMcf)    (Mbbl)    (Mbbl)     (Mbbl)     (Mbbl)
    Proved                                                                                               
      Developed
      Producing          414.3      324.7      666.7      527.0     154.5     122.1      679.9      534.6
      Developed
      Non-Producing      321.3      251.2      248.5      194.2      64.7      50.6      427.4      334.2
      Undeveloped      2,188.6    1,728.4    1,692.5    1,336.6     440.8     348.1    2,911.5    2,299.3
    Total Proved       2,924.2    2,304.3    2,607.7    2,057.8     660.0     520.8    4,018.8    3,168.1
    Probable           8,640.4    6,839.1    6,769.6    5,358.1   1,756.6   1.390.4   11,525.3    9,122.5
    Total Proved
    Plus Probable     11,564.6    9,143.5    9,377.3    7,415.9   2,416.6   1,911.2   15,544.1   12,290.6
    Possible          19,077.8   15,378.8   14,752.9   11,892.4   3,842.5   3,097.5   25,379.1   20,458.4
    Total Proved
    Plus Probable     30,642.5   24,522.3   24,130.2   19,308.3   6,259.1   5,008.7   40,932.2   32,749.0
    Plus Possible
                                                                                                  
                                                                                                
        
                                                                                                       
                                                 Net Present Value of Future Net Revenue
                                                             Forecast Prices & Costs
                                                                                                       
                                           Net Present Value of Future Net Revenue ($ millions)
                                    Before Income Taxes                        After Income Taxes
    Reserve
    Category             0%        5%     10%     15%     20%        0%      5%     10%     15%     20%
                                                                                                       
    United States                                                                                      
    Proved                                                                                             
    Developed
    Producing          26.4      22.9    20.5    18.7    17.4      17.4    15.1    13.5    12.2    11.3
    Developed
    Non-Producing      22.3      17.8    14.9    13.0    11.7      14.7    11.6     9.7     8.5     7.6
    Undeveloped        86.4      54.3    35.5    23.8    16.0      57.0    35.8    23.4    15.6    10.5
    Total Proved      135.1      95.0    71.0    55.5    45.0      89.2    62.5    46.6    36.4    29.5
    Probable          486.6     312.3   215.5   156.5   118.1     321.1   203.2   142.4   103.6    78.2
    Total Proved
    Plus Probable     621.7     407.4   286.5   212.1   163.1     410.3   268.7   208.8   140.0   107.7
    Possible        1,297.5     816.0   561.4   410.6   313.8     856.4   538.6   370.6   271.1   207.2
    Total Proved
    Plus Probable   1,919.2   1,223.3   847.8   622.7   476.9   1,266.7   807.3   579.4   411.0   314.9
    Plus Possible
                                                                                                   

Readers are referred to the Company's Form 51-101F1 Statement of Reserves Data 
and Other Oil and Gas Information for the year ended December 31, 2013, which 
can be accessed electronically from the SEDAR website at www.sedar.com, for 
additional information.

BOEs/boes may be misleading, particularly if used in isolation.  A boe 
conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion 
method primarily applicable at the burner tip and does not represent a value 
equivalency at the wellhead.  Possible reserves are those additional reserves 
that are less certain to be recovered than probable reserves.  There is a 10% 
probability that the quantities actually recovered will equal or exceed the 
sum of provided plus probable plus possible reserves.  The present value of 
estimated future net revenues referred to herein does not represent fair 
market value.

About BNK Petroleum Inc.

BNK Petroleum Inc. is an international oil and gas exploration and production 
company focused on finding and exploiting large, predominately unconventional 
oil and gas resource plays. Through various affiliates and subsidiaries, the 
Company owns and operates shale oil and gas properties and concessions in the 
United States, Poland and Spain. Additionally the Company is utilizing its 
technical and operational expertise to identify and acquire additional 
unconventional projects. The Company's shares are traded on the Toronto Stock 
Exchange under the stock symbol BKX.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking 
information" as such term is used in applicable Canadian securities laws, 
including statements regarding estimates of reserves and future pre-tax net 
revenue, the productiveness of the Company's other Tishomingo Field acreage 
and future downspacing of Caney / Upper Sycamore wells.  Forward-looking 
information is subject to a variety of risks and uncertainties and other 
factors that could cause plans, estimates and actual results to vary 
materially from those projected in such forward-looking information.  
Estimated reserves and future pre-tax net revenue have been independently 
evaluated by NSAI with an effective date of December 31, 2013. This evaluation 
is based on a limited number of wells with limited production history and 
includes a number of assumptions relating to factors such as availability of 
capital to fund required infrastructure, commodity prices, production 
performance of the wells drilled, successful drilling of infill wells, the 
assumed effects of regulation by government agencies and future operating 
costs. All of these estimates will vary from actual results. Estimates of the 
recoverable oil and natural gas reserves attributable to any particular group 
of properties, classifications of such reserves based on risk of recovery and 
estimates of future net revenues expected therefrom, may vary. The Company's 
actual production, revenues, taxes, development and operating expenditures 
with respect to its reserves will vary from such estimates, and such variances 
could be material.  In addition to the foregoing, other significant factors or 
uncertainties that may affect either the Company's reserves or the future net 
revenue associated with such reserves include material changes to existing 
taxation or royalty rates and/or regulations, and changes to environmental 
laws and regulations.  The Company's expectations regarding the productiveness 
of the Company's other Tishomingo Field acreage and future downspacing of 
Caney / Upper Sycamore wells is based on interpretations of geologic and other 
information by the Company's exploration team at the date the information is 
provided and is subject to several assumptions of management, including that 
indications of early results are reasonably accurate predictors of the 
prospectiveness of the shale intervals and that anticipated results will be 
consistent with managements' expectations, and is subject to a variety of 
risks, including that anticipated results will not be consistent with 
managements' expectations and the Company's geological analyses proving to be 
inaccurate.

Information on other important economic factors or significant uncertainties 
that may affect components of the reserves data and the other forward looking 
statements in this release are contained in the Company's Form 51-101F1 
Statement of Reserves Data and Other Oil and Gas Information for the year 
ended December 31, 2013, Management Discussion and Analysis and in the 
Company's Annual Information Form under "Risk Factors", which are available 
under the Company's profile at www.SEDAR.com.  The present value of estimated 
future net revenues referred to herein should not be construed as the current 
market value of estimated crude oil and natural gas reserves attributable to 
the Company's properties.  The Company undertakes no obligation to update 
forward-looking statements, other than as required by applicable law.



SOURCE  BNK Petroleum Inc. 
Wolf E. Regener+1 (805) 484-3613 
Email:investorrelations@bnkpetroleum.com Website:www.bnkpetroleum.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/March2014/03/c8945.html 
CO: BNK Petroleum Inc.
ST: California
NI: OIL FIELD  
-0- Mar/04/2014 02:46 GMT
 
 
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