BNK Petroleum Inc. Provide an Update on its Tishomingo Field, Caney Shale Oil Operations in Oklahoma
Apr 16 15
BNK Petroleum Inc. provided an update on its Tishomingo Field, Caney shale oil operations in Oklahoma. The company has begun field operations to fracture stimulate 22 stages in the previously drilled Nickel Hill 36-3H (99.4% interest) to take advantage of the cost reductions in oilfield services. The completion costs for the Nickel Hill 36-3H well are estimated to be reduced by more than 30% over 2014 costs. The company is anticipating production results from the well in late May. After the completion operations are finished, the company intends to immediately move the equipment to complete the Emery 17-1H well (98.7% interest) where only 6 of 20 stages were originally completed when a mechanical issue was encountered. The company estimates that at a $50 and $55 WTI oil price its netbacks, excluding the impact of hedges, would be approximately $24 and $27, respectively per barrel of oil equivalent. The company's existing Caney production is on forecast with the 2014 year end NI-51-101 report and in management's opinion is performing very well.
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
Mar 13 15
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
Feb 9 15
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.