Last $0.29 USD
Change Today +0.0162 / 5.85%
Volume 15.7K
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04/21/14 - $2.15
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bnk petroleum inc (BNKPF) 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 (BNKPF) 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 (BNKPF) Key Developments

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.

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.”


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