TSX ticker symbol; BKX
CAMARILLO, CA, April 12 /PRNewswire/ - BNK Petroleum Inc. (the "Company") (TSX: BKX) announced today that its wholly owned subsidiary Trofagas Hidrocarburos, S.L., has been awarded an oil and gas concession in the Autonomous Community of Cantabria, Spain totalling approximately 61,470 acres. This concession brings the Company's total acreage in Europe to about 3.6 million net acres in 5 separate basins.
This new concession located in the Cantabrian basin of Spain was acquired for a shale gas target. The Concession contains certain minimum requirements, which must be fulfilled by BNK to retain its interest. Some of the more significant minimum requirements consist of conducting geological work in the first year, drilling one vertical well each in years two, four, five and six.
Wolf E. Regener, BNK's President and CEO commented "We are very pleased that we have been granted our first concession in Spain and are encouraged by the data we have gathered over the last two years. The shale gas data collected in Spain looks very promising. We look forward to developing shale gas in Spain both for our shareholders and the country of Spain."
The Company also announced today that the Lebork S1 well on the Slupsk Concession is currently drilling at 3,517 meters, with over 220 meters of core taken. The core will be analyzed over the coming weeks. The Company anticipates that it will complete drilling and logging in the next week, at which time it will release an update with the available data. The majority of the analyses of the sidewall cores from the Wytowno #1 well are expected back from the subcontractor in May. The 1st well on the Starogard concession is expected to begin drilling sometime in June.
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 information regarding the Company's current plans and expectations regarding the Lebork S1 well and Wytowno #1 well, including as to expected timing of availability of data and analyses and anticipated commencement of drilling of the first well on the Starogard concession. Forward-looking information is based on plans and estimates of management at the date the information is provided and is subject to certain factors and assumptions of management, including that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, labor or contract disputes are encountered as well as that the Company's the financial condition and development plans of the Company and its co-venturers will not change. 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 occurrences such as those referred to above may occur and result in delays, or cessation in planned work, and that the Company's financial condition and development plans of the Company or the other participants in the concessions will change as well as the other risks and uncertainties applicable to exploration activities and to the Company 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 . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
About BNK Petroleum Inc.
BNK Petroleum Inc. is a U.S. based 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 gas properties and concessions in the United States, and Europe. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects outside of North America. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
SOURCE BNK Petroleum Inc.