BNK Petroleum Inc. Announces 4th Quarter and Annual 2013 results

CAMARILLO, CA, March 13, 2014 /CNW/ - All amounts are in U.S. Dollars unless 
otherwise indicated: 

                               Fourth Quarter                      Year Ended
                      2013      2012          %          2013        2012       %
    $ Thousands       $          $                                   $      
                   (11,016)   (4,538)          -     $(19,710)    (14,948)      -
    $ per common                                                            
    share          $(0.08)    $(0.03)          -       $(0.14)    $(0.10)       -
    Expenditures   $36,502    $4,945         638%      $81,772    $40,537    102%
    (Boepd)           877      1,681        (48%)         776       1,581    (51%)
    Revenue          5,678     5,184          10%       13,995     20,028    (30%)
    Price per                                                                   
    Barrel          $70.39    $33.52         110%       $49.39     $34.61     43%
    Netback per
    Barrel          $50.65    $17.83         184%       $30.81     $17.75      74%
                                        12/31/2013   12/31/2012                  
    Cash, Cash                                                              
    Securities                            $42,215       $2,836                   
    Capital                               $18,854        $472                    

BNK's President and Chief Executive Officer, Wolf Regener commented:

"I feel we have made excellent progress this last year on both our U.S. and 
European projects.  In our 2013 Tishomingo Field, Caney formation drilling 
program, our efforts were focused on reducing drilling time and cost, testing 
the optimal lateral placement within the formation and optimizing the fracture 
stimulations resulting in increasing the oil rate of each consecutive well.  
These goals were achieved.  The last two wells that we drilled and completed 
in 2013, the Barnes 7-2H and the Wiggins 12-8H, have been our best performing 
wells to date, demonstrating lower decline rates along with higher percentages 
of oil in the production mix.  The Barnes 7-2H well, which still has 15% of 
the lateral left to fracture stimulate, had a 60 day initial production rate 
of 360 barrels of oil per day (bopd) (469 barrels of oil equivalent per day 
(boepd)) and the Wiggins 12-8H well, where only approximately half the length 
of the lateral was effectively stimulated was 273 bopd (402 boepd).  These two 
wells were the first to be drilled in the lower Caney interval rather than the 
Transition zone which was targeted in the first three wells.  The Company's 
fourth quarter average production was 877 boepd and our December average 
production was approximately 1,050 boepd.

"The 2013 year end reserves report confirmed the Company's belief in the 
potential for the Caney as the Company's proved and probable ("2P") gross 
reserves were estimated at approximately 15.5 million boe, while the proved, 
probable and possible ("3P") gross reserves were estimated at approximately 
40.9 million boe.  The net present value of Future Net Revenue before tax, 
discounted at 10% was $286 million for the 2P reserves and $847 million for 
the 3P reserves.

"We look forward to starting our 2014 drilling program in the second quarter 
after we obtain the final data from the Barnes 7-2 whole core analysis. 
Fracture stimulation operations are expected to begin at the end of this month 
on the first of the two lateral Caney wellbores that were not yet fully 
fracture stimulated (the remaining 15% of the Barnes 7-2H well and the Leila 
31-2H well). In addition, work on the locations and surface casing 
installation for the next two Caney wells has already commenced and is 
expected to be finalized in the coming weeks.

"In less than 8 months after selling substantially all of our producing assets 
we were able to replace all of our revenue as our fourth quarter 2013 revenues 
exceeded 2012 fourth quarter revenues by over $400,000. Our cash flow from 
operations for the fourth quarter 2013 was $2.3 million, which is $1.5 million 
more than our 2012 fourth quarter operating cash flow.  In addition, our Caney 
netbacks for the fourth quarter 2013 averaged $50.65 per barrel, a 184% 
increase over the netbacks from the Woodford production in the fourth quarter 
of last year, which averaged $17.83 per barrel.

"In Poland, the Company successfully drilled, cased and cemented the Gapowo 
B-1 well in its Bytow concession.  We are encouraged by the high gas shows 
encountered in the 5,900 feet of lateral and we look forward to fracture 
stimulating the first thirty percent of the available length.  After this 
portion of the well has been tested we will design the stimulation for the 
rest of the lateral, incorporating what we learn from the first stimulation.

"The fracture stimulation design for the first portion of the Gapowo B-1 well 
has been finalized, subcontractors have been selected and location work is 
underway.  We expect to commence fracture stimulation of this well as soon as 
the location work is complete.

"In 2013, Saponis Investments Sp. z o.o ("Saponis") decided to relinquish the 
Slawno and Starogard concessions, while retaining the Slupsk concession.  In 
December 2013, the Company increased its ownership in Saponis to 57.04%, up 
from 26.7%. This triggered an impairment test of the Company's Saponis 
interest under IFRS rules and the resulting impairment plus the writedown of 
the two concessions contributed to the Company recording a $7.5 million loss 
from equity investments.  However, the Company believes its interest in 
Saponis is more valuable now than prior to these events due to its increased 
interest in the more prospective Slupsk concession.

"The Company incurred an $11.0 million loss in the fourth quarter of 2013, 
which includes the nonrecurring $7.5 million Saponis equity investment loss 
and a $1.7 million write-off of the Darlowo lease in Poland, versus a loss of 
$4.5 million in the fourth quarter of 2012.

"For the 2013 year the Company incurred a loss of $19.7 million versus a loss 
of $14.9 million in 2012. Oil and gas revenues declined $4.9 million, or 30%, 
due to a decrease in average production per day due to the sale by the Company 
in April 2013 of all of its rights in the Woodford and other formations in the 
Tishomingo Field (the "Woodford Sale"), which was offset by production from 
our subsequently drilled Caney wells and an increase in average pricing per 

"The Company recorded a gain of $9.5 million on the Woodford Sale, and used a 
portion of the proceeds to pay down its debt from $41 million to $100,000.  
Offsetting this gain was $3.5 million related to the amortization of deferred 
financing costs, a pre-payment penalty of $2.5 million and a $2.5 million 
payment to settle all of our financial commodity contracts."

        --  Drilled and fracture stimulated the Barnes 7-2H and Wiggins
            12-8H wells in the Caney formation in the Tishomingo Field
        --  Received required EIA and concession modification to drill
            Gapowo B-1 well lateral in Poland
        --  In January 2014, completed the drilling and ran casing on the
            Gapowo B-1 well, which is expected to be fracture stimulated in
            the second quarter of 2014
        --  Oil and gas revenues were $4.6 million, which exceeded the
            prior year quarter for the first time since the Woodford Sale
        --  Cash flow from operating activities was $2.3 million compared
            to prior year operating cash flows of $0.8 million
        --  Netbacks were $50.65 per barrel compared to $17.83 in the prior
            year fourth quarter
        --  Production continued increasing, post Woodford Sale, and
            averaged 877 BOEPD in the quarter
        --  G&A decreased by $1.0 million due to cost cutting efforts
            including reductions in staff and lower costs in Europe
        --  Loss of $11.0 million in the fourth quarter of 2013 versus loss
            of $4.5 million in the third quarter of 2012 due to a loss from
            investments in joint ventures of $7.4 million in 2013
        --  At quarter end, cash and marketable securities totaled $42.2
            million and working capital was $18.9 million

Fourth Quarter 2013 to Fourth Quarter 2012

Oil and gas revenues net of royalties totaled $4,613,000 in the quarter versus 
$4,212,000 in the fourth quarter of 2012. Oil revenues were $4,716,000 in the 
quarter versus $1,822,000 in the fourth quarter of 2012, an increase of 159% 
as production increased 118% to an average of 533 barrels per day due to the 
production mix from the Caney wells while average oil prices increased 19% or 
$15.20 a barrel.  Natural gas revenues declined $1,008,000 or 79% as natural 
gas production decreased to 690 mcfd due to the Woodford Sale and the 
production mix of the Caney wells while average natural gas prices per mcf 
increased 3%.  NGL revenue declined $1,391,000 or 67% to $690,000 as average 
production decreased 73% to 197 boepd as a result of the Woodford Sale and the 
production mix from the Caney wells while average NGL prices increased 22% to 
$38.03 a barrel.

Other income decreased $735,000 to $163,000 as fourth quarter 2012 results 
included gains from eliminating asset retirement obligations for wells no 
longer owned by the Company.

Exploration and evaluation expenses increased $859,000 between quarters due to 
the 2013 write-off of the Darlowo well in Poland.

Production and operating expenses declined $925,000 between quarters due to 
the Woodford Sale.

Depletion and depreciation expense decreased $189,000 between quarters due to 
decreased production and depletion base and lower production as a result of 
the Woodford Sale.

General and administrative expenses decreased $954,000 between quarters 
primarily due to lower payroll and related costs and lower professional fees 
incurred in Europe relating to legal, accounting, and management fees which 
were partially offset by higher director fees incurred in 2013.

Stock based compensation increased $524,000 between quarters due to a grant of 
stock options in the fourth quarter of 2013.

Finance income decreased $344,000 due to realized gains on financial commodity 
contracts in 2012. Finance expense decreased $774,000 primarily due to 
interest on loans and borrowings of $384,000 in 2012 and unrealized losses on 
financial commodity contracts in 2012.

Capital expenditures of $36,502,000 were incurred in the fourth quarter of 
2013, almost all of which was spent in Oklahoma.

        --  Drilled and fracture stimulated the first five wells in the
            Caney formation in the Tishomingo field
        --  Closed the Woodford Sale in April 2013 for $146.4 million
        --  Paid down the Company's credit facility from $41 million to
            $100,000 in connection with the Woodford Sale
        --  Settled all the financial derivative contracts in April 2013 in
            connection with the Woodford Sale and incurred a realized loss
            of $2.5 million
        --  Capital expenditures increased $40.7 million or 99% to $81.8
            million primarily due to the 2013 drilling program in Oklahoma
            which totaled $78.1 million for the year ended 2013. The 2012
            capital expenditures amount included $28 million of capital
            expenditures for exploration and evaluation assets, mainly in
        --  G&A expenses decreased by $2.9 million primarily due to staff
            reductions and lower costs in Europe
        --  Average production decreased 51% between comparative years due
            to the Woodford Sale, which was partially offset by production
            from the new Caney wells
        --  A net loss of $19.7 million was incurred in the year ended 2013
            versus a loss of $14.9 million in in 2012 partially due to a
            loss from investments in joint ventures of $7.5 million in 2013
            and the $1.7 million write-off of the Polish Darlowo concession

Year Ended 2013 to Year Ended 2012

Oil and natural gas revenues net of royalties declined $4,902,000 or 30% to 
$11,371,000.  Oil revenues before royalties increased $624,000 to $9,149,000 
due to a 2% increase in production due to the production mix from the Caney 
wells and a 6% increase in prices between years. Natural gas revenues before 
royalties declined $2,086,000 or 54% due to a 62% decline in average 
production due to the Woodford Sale and production mix from the Caney wells, 
partially offset by a 23% increase in natural gas prices per mcf.   NGL 
revenue before royalties declined $4,574,000 or 60% to $3,054,000 due to a 60% 
decline in average production per day due to the Woodford Sale and the 
production mix from the Caney wells.

Other income decreased due to 2012 gains from eliminating asset retirement 
obligations for wells no longer owned by the Company.

Exploration and evaluation expenses increased $606,000 due to the write-off of 
the Darlowo concession in Poland.

Production and operating expenses decreased 56% to $2,641,000 as average 
production decreased 51% due to the Woodford Sale.

Depletion and depreciation expense decreased $2,288,000 primarily due to 
decreased production and depletion base and lower production as a result of 
the Woodford Sale.

General and administrative expenses decreased $2,935,000 primarily due to 
lower payroll and related costs, lower professional fees incurred in Europe 
relating to legal, accounting, management fees and lower travel costs 
partially offset by higher director fees in 2013.

Finance Income decreased $1.5 million due to realized gains on financial 
commodity contracts and unrealized gains on warrant revaluations in 2012.  
Finance expense increased $7.6 million primarily due to a $7.5 million charge 
related to interest on loans and borrowings which included $3.5 million for 
the amortization of deferred financings costs and $2.5 million of pre-payment 
penalties related to the loan paydown along with a realized loss on financial 
commodity contracts of $2.5 million as these contracts were all settled in 
April 2013.

At December 31, 2013, cash and marketable securities increased by $39,379,000 
from December 31, 2012, primarily due to the Woodford Sale offset by the 2013 
capital expenditures.
                                   BNK PETROLEUM INC.
          (Unaudited, Expressed in Thousands of United States Dollars)
                                            December 31,     December 31,
                                                  2013             2012
    Current assets                                                       
      Cash and cash equivalents           $       17,159   $        2,836
      Investments in marketable                   25,056                -
      Trade and other receivables                  7,268           11,363
      Deposits and prepaid expenses                1,243            2,334
      Fair value of commodity contracts                -              779
                                                  50,726           17,312
    Non-current assets                                                   
      Long-term receivables                          433            1,297
      Investments in joint ventures                2,787           10,114
      Property, plant and equipment               94,663          156,549
      Exploration and evaluation assets           36,194           33,590
                                                 134,077          201,550
    Total assets                          $      184,803   $      218,862
    Current liabilities                                                  
      Trade and other payables            $       31,872   $       16,840
      Loans and borrowings                             -           31,797
                                                  31,872           48,637
    Non-current liabilities                                              
      Loans and borrowings                           100                -
      Fair value of commodity contracts                -               75
      Asset retirement obligations                 1,192            1,312
      Warrants                                         -                3
                                                   1,292            1,390
      Share capital                              247,782          247,326
      Contributed surplus                         18,721           16,663
      Deficit                                  (114,864)         (95,154)
    Total equity                                 151,639          168,835
    Total equity and liabilities          $      184,803   $      218,862
                             BNK PETROLEUM, INC.
      (Unaudited, expressed in Thousands of  United States dollars, except
                               per share amounts)
                             Three months ended       Twelve months ended
                                December 31               December 31
                               2013        2012         2013         2012
    Oil and natural gas   $    4,613   $   4,212   $   11,371   $   16,273
    revenue, net
    Gathering income               -         356          331        1,420
    Gain on sale of            (119)           -        9,499            -
    Management fees and          163         898        1,124        1,633
    other income
                               4,657       5,466       22,325       19,236
    Exploration and            1,937       1,078        1,994        1,388
    Production and               528       1,453        2,641        6,002
    Depletion and              1,729       1,918        4,786        7,074
    General and                3,414       4,368       13,344       16,279
    Share based                  716         192        1,305          877
    Loss from investments      7,439       (101)        7,533          172
    in joint ventures
    Restructuring                  -         756          595        1,771
                              15,763       9,664       32,198       33,563
    Finance income                97         441          166        1,686
    Finance expense              (7)       (781)     (10,003)      (2,397)
    Net loss and          $ (11,016)   $ (4,538)   $ (19,710)   $ (14,948)
    comprehensive loss
    Net loss per share                                                    
      Basic and Diluted   $   (0.08)   $  (0.03)   $   (0.14)   $   (0.10)
                                               BNK PETROLEUM, INC.
                                           FOURTH QUARTER 2013
    (Unaudited, expressed in Thousands of  United States dollars, except as
                                        4th Quarter                        
                                       2013      2012       2013       2012
    Oil revenue before           $                                
    royalties                         4,716     1,822      9,149      8,525
    Gas revenue before                                            
    royalties                           273     1,281      1,787      3,873
    NGL revenue before                                            
    royalties                           690     2,081      3,054      7,628
    Oil and Gas revenue               5,679     5,184     13,990     20,026
    Cash flow used by                                             
    operating activities              2,286       784    (6,656)   (10,153)
    Additions to property,                                        
    plant & equipment              (34,504)   (3,982)   (78,386)   (12,915)
    Additions to Exploration                                      
    and Evaluation
    Assets                          (1,998)     (963)    (3,386)   (27,622)
                                        4th Quarter                        
                                       2013      2012       2013       2012
    Average natural gas                                           
    production (mcf/d)                  879     4,240      1,504      3,981
    Average NGL  production                                       
    (Boepd)                             197       729        264        660
    Average Oil production                                        
    (Bopd)                              533       245        261        257
    Average production (Boepd)          877     1,681        776      1,581
    Average natural gas price                                     
    ($/mcf)                          $ 3.38     $3.28      $3.26      $2.66
    Average NGL price ($/bbl)       $ 38.03    $31.02     $31.69     $31.58
    Average oil price ($/bbl)       $ 96.13    $80.93     $95.93     $90.59
    Average price per barrel        $ 70.39    $33.52     $49.39     $34.61
    Royalties per barrel              13.20      6.29       9.26       6.49
    Operating expenses per                                        
    barrel                             6.54      9.40       9.32      10.37
    Netback per barrel              $ 50.65    $17.83     $30.81     $17.75

The information outlined above is extracted from and should be read in 
conjunction with the Company's audited financial statements for the year ended 
December 31, 2013 and the related management's discussion and analysis 
thereof, copies of which are available under the Company's profile at


Netback per barrel, net operating income and funds from operations 
(collectively, the "Company's Non-GAAP Measures") are not measures recognized 
under Canadian generally accepted accounting principles ("GAAP") and do not 
have any standardized meanings prescribed by GAAP. Management of the Company 
believes that such measures are relevant for evaluating returns on each of the 
Company's projects as well as the performance of the enterprise as a whole.  
The Company's Non-GAAP Measures may differ from similar computations as 
reported by other similar organizations and, accordingly, may not be 
comparable to similar non-GAAP measures as reported by such organizations.  
The Company's Non-GAAP Measures should not be construed as alternatives to net 
income, cash flows related to operating activities, or other financial 
measures determined in accordance with GAAP, as an indicator of the Company's 

Netback per barrel and its components are calculated by dividing revenue less 
royalties and operating expenses by the Company's sales volume during the 
period.  Netback per barrel is a non-IFRS measure but it is commonly used by 
oil and gas companies to illustrate the unit contribution of each barrel 
produced.  This is a useful measure for investors to compare the performance 
of one entity with another.  However, non-IFRS measures do not have any 
standardized meaning prescribed by IFRS and therefore may not be comparable to 
similar measures used by other companies.

Net operating income is similarly a non-GAAP measure that represents revenue 
net of royalties and operating expenses. The Company believes that net 
operating income is a useful supplemental measure to analyze operating 
performance and provides an indication of the results generated by the 
Company's principal business activities prior to the consideration of other 
income and expenses.

Funds from operations is a non-GAAP measure that represents cash provided by 
(used in) operating activities, as per the consolidated statements of cash 
flows, before changes in non-cash working capital. The Company considers this 
a key measure as it demonstrates its ability to generate the funds necessary 
for future growth after taking into account the short-term fluctuations in the 
collection of accounts receivable and the payment for accounts payable.

Cautionary Statements
    (a) The Company's natural gas production is reported in thousands of
        cubic feet ("Mcfs"). The Company also uses references to barrels
        ("Bbls") and barrels of oil equivalent ("Boes") to reflect natural
        gas liquids and oil production and sales. Boes may be misleading,
        particularly if used in isolation. A Boe conversion ratio of 6
        Mcf:1 Boe is based on an energy equivalency conversion method
        primarily applicable at the burner tip and does not represent a
        value equivalency at the wellhead. Given that the value ratio based
        on the current price of crude oil as compared to natural gas is
        significantly different from the energy equivalency of 6:1,
        utilizing a conversion on a 6:1 basis may be misleading as an
        indication of value.
    (b) Discounted and undiscounted net present value of future net
        revenues attributable to reserves do not represent fair market
    (c) 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 proved plus probable plus possible reserves.
    (d) This news release contains short-term production rates.  Readers
        are cautioned that such production rates are not necessarily
        indicative of long-term performance or of ultimate recovery.

Readers are referred to the full description of the results of the Company's 
December 31, 2013 independent reserves evaluation and other oil and gas 
information contained in its Amended and Restated Form 51-101F1 Statement of 
Reserves Data and Other Oil and Gas Information for the year ended December 
31, 2013, which the Company filed on SEDAR on March 10, 2014.

Caution Regarding Forward-Looking Information

This release contains forward-looking information including information 
regarding estimates of reserves and future net revenue, the proposed timing 
and expected results of exploratory and development work including production 
from the Lower Caney and upper Sycamore formations on the Company's Oklahoma 
acreage, the effect of design and performance improvements on future 
productivity, the anticipated timing of commencement and completion of 
drilling and fracture-stimulations in connection with the Company's Caney 
drilling program, the advancement of the Company's European projects, 
including permit and concession applications and approvals, drilling plans and 
fracture stimulation operations underway on the Company's Gapowo B-1 shale gas 
well in Poland, planned capital expenditure programs and cost estimates, 
planned use and sufficiency of cash and marketable securities on hand and the 
Company's strategy and objectives. The use of any of the words "target", 
"plans", "anticipate", "continue", "estimate", "expect", "may", "will", 
"project", "should", "believe" and similar expressions are intended to 
identify forward-looking statements.

Such forward-looking information is based on management's expectations and 
assumptions, including that the Company's geologic models will be validated, 
that indications of early results are reasonably accurate predictors of the 
prospectiveness of the shale intervals, that previous exploration results are 
indicative of future results and success, that expected production from future 
wells can be achieved as modeled, declines will match the modeling, future 
well production rates will be improved over existing wells, that rates of 
return as modeled can be achieved, that recoveries are consistent with 
management's expectations, that additional wells are actually drilled and 
completed, that design and performance improvements will reduce development 
time and expense and improve productivity, that discoveries will prove to be 
economic, that anticipated results and estimated costs will be consistent with 
managements' expectations, that all required permits and approvals and the 
necessary labor and equipment will be obtained, provided or available, as 
applicable, on terms that are acceptable to the Company, when required, that 
no unforeseen delays, unexpected geological or other effects, equipment 
failures, permitting delays or labor or contract disputes are encountered, 
that the development plans of the Company and its co-venturers will not 
change, that the demand for oil and gas will be sustained, that the Company 
will continue to be able to access sufficient capital through financings, 
credit facilities, farm-ins or other participation arrangements to maintain 
its projects, that the Company will not be adversely affected by changing 
government policies and regulations, social instability or other political, 
economic or diplomatic developments in the countries in which it operates and 
that global economic conditions will not deteriorate in a manner that has an 
adverse impact on the Company's business and its ability to advance its 
business strategy.

Forward looking information involves significant known and unknown risks and 
uncertainties, which could cause actual results to differ materially from 
those anticipated. These risks include, but are not limited to: any of the 
assumptions on which such forward looking information is based vary or prove 
to be invalid, including that anticipated results and estimated costs will not 
be consistent with managements' expectations, the risks associated with the 
oil and gas industry (e.g. operational risks in development, exploration and 
production; delays or changes in plans with respect to exploration and 
development projects or capital expenditures; the uncertainty of reserve and 
resource estimates and projections relating to production, costs and expenses, 
and health, safety and environmental risks), the risk of commodity price and 
foreign exchange rate fluctuations, risks and uncertainties associated with 
securing the necessary regulatory approvals and financing to proceed with 
continued development of the Tishomingo Field and other shale basins in the 
United States and Europe, the Company or its subsidiaries is not able for any 
reason to obtain and provide the information necessary to secure required 
approvals or that required regulatory approvals are otherwise not available 
when required, that unexpected geological results are encountered, that 
completion techniques require further optimization, that production rates do 
not match the Company's assumptions, that very low or no production rates are 
achieved, that the Company is unable to access required capital, that 
occurrences such as those that are assumed will not occur, do in fact occur, 
and those conditions that are assumed will continue or improve, do not 
continue or improve and the other risks identified in the Company's most 
recent Annual Information Form under the "Risk Factors" section and the 
Company's other public disclosure, available under the Company's profile on 

With respect to estimated reserves and future net revenue, the evaluation of 
the Company's reserves 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.

Although the Company has attempted to take into account important factors that 
could cause actual costs or results to differ materially, there may be other 
factors that cause actual results not to be as anticipated, estimated or 
intended. There can be no assurance that such statements will prove to be 
accurate as actual results and future events could differ materially from 
those anticipated in such statements. The forward-looking information included 
in this release is expressly qualified in its entirety by this cautionary 
statement. Accordingly, readers should not place undue reliance on 
forward-looking information.  The Company undertakes no obligation to update 
these forward-looking statements, other than as required by applicable law.

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 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.

SOURCE  BNK Petroleum Inc. 
Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613 
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