CAMARILLO, CA, April 7, 2014 /CNW/ - BNK Petroleum Inc. (the "Company" or
"BNK") (TSX: BKX) is providing an update on its Polish shale gas project as
well as its Tishomingo Field, Caney oil shale operations in Oklahoma.
The fracture stimulation design for the first portion of the Gapowo B-1 well
has been finalized, subcontractors have been selected and construction of
surface equipment and water storage facilities are complete. The fracture
stimulation equipment is currently being positioned while the Company awaits
final approval of the completion portion of Plan Ruchu. The Company is hoping
to receive the approved Plan Ruchu the week of April 14(th), so that
operations can commence.
The Company has successfully fracture stimulated the remaining 15% of the
lateral section from the Barnes 7-2H well that was not previously stimulated.
The well is flowing back and is currently being tested. Early results
indicate that the Company has successfully reduced the cost of the Caney
fracture stimulations while maintaining similar production results. The
Company currently anticipates fracture stimulating the Leila 31-2H well in mid
The services and plans for drilling the next Caney wells have been finalized.
Site preparation for two Caney locations are nearly finalized and work is
expected to commence on a third location in the coming weeks. The Company is
currently negotiating with a number of rig contractors and anticipates
starting its next drilling phase in May.
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 Caney wells and Gapowo B-1 well development,
including plans, anticipated results and timing. Forward-looking information
is based on plans and estimates of management and interpretations of
exploration information by the Company's exploration team at the date the
information is provided and is subject to several factors and assumptions of
management, including that indications of early results are reasonably
accurate predictors of the prospectiveness of the shale intervals, that
anticipated results and estimated costs will be consistent with managements'
expectations, that new stimulation techniques will be successful, that the
Company's geological analyses are accurate, that required regulatory approvals
will be available when required, that no unforeseen delays, unexpected
geological or other effects, equipment failures, permitting delays or labor or
contract disputes or shortages 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, farm-ins or other participation
arrangements to maintain its projects and carry out its plans, and that global
economic conditions will not deteriorate in a manner that has an adverse
impact on the Company's business, its ability to advance its business strategy
and the industry as a whole. 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. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate include, but
are not limited to, the risk that 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, new completion techniques proving to be
unsuccessful, the Company's geological analyses proving to be inaccurate, 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 equipment failures,
permitting delays or labor or contract disputes or shortages 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 and uncertainties applicable to
exploration and development activities and the Company's business as set forth
in the Company's management discussion and analysis and its annual information
form, both of which are available for viewing under the Company's profile at
www.sedar.com, any of which could result in delays, cessation in planned work
or loss of one or more concessions and have an adverse effect on the Company
and its financial condition. The Company undertakes no obligation to update
these forward-looking statements, other than as required by applicable law.
SOURCE BNK Petroleum Inc.
Wolf E. Regener +1 (805) 484-3613 Email:email@example.com
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CO: BNK Petroleum Inc.
-0- Apr/08/2014 04:52 GMT
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