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Last C$0.56 CAD
Change Today -0.01 / -1.75%
Volume 32.3K
BKX On Other Exchanges
Symbol
Exchange
Toronto
OTC US
As of 4:10 PM 03/31/15 All times are local (Market data is delayed by at least 15 minutes).

bnk petroleum inc (BKX) Snapshot

Open
C$0.58
Previous Close
C$0.57
Day High
C$0.59
Day Low
C$0.56
52 Week High
04/22/14 - C$2.36
52 Week Low
01/29/15 - C$0.26
Market Cap
91.1M
Average Volume 10 Days
210.4K
EPS TTM
C$0.02
Shares Outstanding
162.7M
EX-Date
--
P/E TM
26.4x
Dividend
--
Dividend Yield
--
Current Stock Chart for BNK PETROLEUM INC (BKX)

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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.

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. Reports Unaudited Consolidated Production and Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014

BNK Petroleum Inc. reported unaudited consolidated production and earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported revenue of $5,978,000 compared to $4,657,000 a year ago. Net loss and comprehensive loss was $57,628,000 or $0.36 basic and diluted per share compared to $11,016,000 or $0.08 basic and diluted per share a year ago. Cash flow used by operating activities was $4,565,000 compared to $2,286,000 a year ago. Capital expenditures were $18,027,000 against $36,502,000 for the same period in the last year. For the full year, the company reported revenue of $23,264,000 compared to $22,325,000 a year ago. Net loss and comprehensive loss was $57,478,000 or $0.36 basic and diluted per share compared to $19,710,000 or $0.14 basic and diluted per share a year ago. Cash flow used by operating activities was $12,750,000 compared to cash flow from operating activities $6,656,000 a year ago. Capital expenditures were $75,773,000 against $81,772,000 for the same period in the last year. Net loss was due to $60.3 million in impairment charges from the company's Polish project. These impairment charges are made up of a $57.3 million impairment of exploration and evaluation assets and an equity impairment of $3.0 million. Excluding the impact of these charges, the company would have reported net income of $2.8 million for 2014. For the quarter, the company reported average production of 1,280 Boepd compared to 877 Boepd a year ago. Netback per barrel was $41.60 compared to $50.65 a year ago. For the full year, the company reported average production of 1,053 Boepd compared to 776 Boepd a year ago. Netback per barrel was $51.71 compared to $30.81 a year ago. For the fourth quarter ended December 31, 2014, the company recorded $57.3 million impairment of exploration and evaluation assets and an equity impairment of $3.0 million.

BNK Petroleum Inc. Announces Senior Credit Facility Increase

BNK Petroleum Inc. announced that Morgan Stanley Capital Group Inc. has increased its commitment amount under the credit facility announced by the company on July 30, 2014 from $15,900,000 to $24,400,000. The other terms of the $100,000,000 facility remain the same. The facility bears interest at a per annum rate equal to then three month LIBOR plus an applicable margin ranging from 2% to 7% based on a number of factors including the ratio of outstanding borrowings to a calculated borrowing base level and individual well value concentration. The facility provides for interest only payments until the July 2018 maturity date. The proceeds from the facility are intended to fund drilling and completion of Caney shale oil wells in the Tishomingo field in Oklahoma. The company also reported that since the beginning of the year discretionary expenses have been scaled back, cost reduction measures were initiated, and operations have been further streamlined.

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.

 

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