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       %                                                                                       Earnings                                                                     (Loss):                                                                           $ Thousands       $          $                                   $                          (11,016)   (4,538)          -     $(19,710)    (14,948)      -     $ per common                                                                 share          $(0.08)    $(0.03)          -       $(0.14)    $(0.10)       -     assuming                                                                     dilution                                                                                                                                                            Capital                                                                      Expenditures   $36,502    $4,945         638%      $81,772    $40,537    102%                                                                                       Average                                                                      Production     (Boepd)           877      1,681        (48%)         776       1,581    (51%)     Gross                                                                        Revenue          5,678     5,184          10%       13,995     20,028    (30%)     Average                                                                      Product     Price per                                                                        Barrel          $70.39    $33.52         110%       $49.39     $34.61     43%     Average                                                                      Netback per     Barrel          $50.65    $17.83         184%       $30.81     $17.75      74%                                                                                                                                                                                                        12/31/2013   12/31/2012                                                                                                         Cash, Cash                                                                   Equivalents     and     Marketable     Securities                            $42,215       $2,836                        Working                                                                      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  barrel.  "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."  FOURTH QUARTER HIGHLIGHTS:         --  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.  YEAR ENDED 2013 HIGHLIGHTS         --  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             Poland         --  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.              CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION           (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                -       securities       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                                                                               Equity                                                                      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.     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS       (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     Revenue:                                                                   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            -     assets     Management fees and          163         898        1,124        1,633     other income                                4,657       5,466       22,325       19,236     Expenses:                                                                  Exploration and            1,937       1,078        1,994        1,388     evaluation     Production and               528       1,453        2,641        6,002     operating     Depletion and              1,729       1,918        4,786        7,074     depreciation     General and                3,414       4,368       13,344       16,279     administrative     Share based                  716         192        1,305          877     compensation     Loss from investments      7,439       (101)        7,533          172     in joint ventures     Restructuring                  -         756          595        1,771     expenses                               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                                     noted)                                                                                                                     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)                                                                                                                                                             Statistics:                                                                                                     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  NON-GAAP MEASURES  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  performance.  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         value.               (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  SEDAR at  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  To view this news release in HTML formatting, please use the following URL:  CO: BNK Petroleum Inc. ST: California NI: OIL ERN  
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