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04/22/14 - C$2.36
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bnk petroleum inc (BKX) Details

BNK Petroleum Inc., an international energy company, focuses on the acquisition, exploration, development, production, and marketing of unconventional oil and gas resource plays in the United States and Europe. The company produces crude oil, natural gas, and natural gas liquids. It holds working interests in approximately 14,700 net acres of shale oil acreage in the Caney/Upper Sycamore formations of the Tishomingo Field, Oklahoma; 2,779 net acres of land in the Palo Duro basin, Texas; 12,500 net acres in the Appalachian basin, New York; and 756 net acres in the Black Warrior basin, Alabama. The company also holds interests in the Slawno, Slupsk, Starogard, Bytow, and Trzebielino concessions in Poland; and Sedano, Urraca, and Arquetu concessions in Spain. As at December 31, 2013, it had proved plus probable gross reserves of approximately 15.5 million barrels of oil equivalent (Boe); and proved plus probable plus possible gross reserves of approximately 40.9 million Boe. BNK Petroleum Inc. was incorporated in 2008 and is headquartered in Camarillo, California.

37 Employees
Last Reported Date: 03/13/14
Founded in 2008

bnk petroleum inc (BKX) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $354.7K
Chief Financial Officer and Vice President
Total Annual Compensation: $214.0K
Vice-President of European Operations
Total Annual Compensation: $254.5K
Vice President of Exploration
Total Annual Compensation: $231.5K
Compensation as of Fiscal Year 2013.

bnk petroleum inc (BKX) Key Developments

BNK Petroleum Inc. Announces Operations Update

BNK Petroleum Inc. is providing an update on its Tishomingo Field, Caney shale oil operations in Oklahoma as well as its Polish shale gas project. Tishomingo Field, Oklahoma: The Company has fracture stimulated 30% of the Emery 17-1H well (98.7% interest). The Company has decided to flowback the well at this time and fracture stimulate the rest of the lateral at a later date. The Company has just finished drilling the Nickel Hill 36-3H well (99.4% interest) and has cemented the casing in place. The Company employed revised drilling practices on the Nickel Hill 36-3H that were successful in avoiding some issues encountered in the Emery 17-1H well. The Emery 17-1H issues impacted drilling time and cost and necessitates remedial work prior to fracture stimulation of the rest of the lateral. The Company expects to utilize these new drilling practices in future Caney wells and believes they will enable significant future savings. After drilling the Nickel Hill 36-3H well the Company's net acreage in the Tishomingo Field has increased to about 16,200 acres. The Company's existing Caney production is declining at a slower rate than forecast in the reserves report for the year ended December 31, 2013 and in management's opinion is performing very well. However, given the oil price drop over the last few months, the Company is taking a conservative approach to capital expenditures. Accordingly, the Company has released the drilling rig and will postpone the completion of the Nickel Hill 36-3H well and the fracture stimulation of the rest of the Emery 17-1H well. The Company is also evaluating cost saving measures.

BNK Petroleum Seeks Partner For Shale Acreage

BNK Petroleum Inc. (TSX:BKX) is scouting for a partner for its shale acreage in Poland. BNK Petroleum provided an update on Gapowo B-1H well, Poland. The company stated: “The forecasted flow rates and estimated recoveries predicted by the numerical model for a full stimulated length lateral, in addition to the overpressure that was confirmed by the data collected from the Gapowo B-1H well, are encouraging and the Company believes further wells are warranted. The detailed study report prepared by the third party consulting firm will be included in the information made available to potential joint venture partners. The Company has begun the process of providing potential partners with access to project data. The Company believes that the encouraging modeling results, strong natural gas prices in Europe, and the Company’s large Polish acreage position will be attractive to joint venture partners with the capacity to advance this project.”

BNK Petroleum Inc. Announces Unaudited Consolidated Financial and Production Results for the Third Quarter and Nine Months Ended September 30, 2014

BNK Petroleum Inc. announced unaudited consolidated financial and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported oil and natural gas revenue of $5,542 million against $1,960 million a year ago. Net loss and comprehensive loss was $0.299 million or $0.00 per diluted share against $2.445 million or $0.02 per diluted share a year ago. Cash flow from operating activities was $2.9 million for the third quarter of 2014 compared to negative cash flow from operating activities of $0.3 million in the third quarter of 2013. Capital expenditures decreased from $34.9 million in the third quarter 2013 to $22.1 million in the third quarter 2014 due to the prior year drilling program in the US. For the nine months, the company reported oil and natural gas revenue of $17,286 million against $17,668 million a year ago. Net income and comprehensive income was $0.150 million or $0.00 per diluted share against net loss and comprehensive loss of $8.694 million or $0.06 per diluted share a year ago. For the first nine months of 2014, the company generated positive cash flow from operations of $8.2 million compared to negative operating cash flow of $8.9 million in the same period of 2013. Capital expenditures was $57.746 million against $45.270 million a year ago. For the quarter, the company had average natural gas production of 1,024 mcf/d against 329 mcf/d a year ago. Average NGL production was 127 Boepd against 70 Boepd a year ago. Average oil production was 673 Bopd against 177 Bopd a year ago. For the nine months, the company had average natural gas production of 906 mcf/d against 1,714 mcf/d a year ago. Average NGL production was 144 Boepd against 287 Boepd a year ago. Average oil production was 682 Bopd against 170 Bopd a year ago.


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