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, 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  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  To view this news release in HTML formatting, please use the following URL:  CO: BNK Petroleum Inc. ST: California NI: OIL FIELD