CAMARILLO, CA, Oct. 27 /PRNewswire/ - BNK Petroleum Inc. (the "Company") (TSX: BKX) is pleased to announce that the first tranche of the previously announced CAD$66 million private placement has closed. 10,600,000 shares were issued for total gross proceeds of CAD$26,924,000. The shares are subject to a four month hold period.
The Company also announced today that BNK Petroleum (US) Inc. ("BNK US") has obtained a new Replacement Credit Facility from Amegy Bank of Texas and its affiliate Vectra Bank Colorado the terms of which are disclosed in the Company's news release dated October 25, 2010. BNK US is the Company's indirect wholly-owned subsidiary which holds its US oil and gas interests.
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, Poland and Germany. 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.