|By PR Newswire||
|April 8, 2014 01:56 AM EDT||
CAMARILLO, California, April 8, 2014 /PRNewswire/ --
BNK Petroleum Inc. (the "Company" or "BNK") (TSX: BKX) is providing an update on its Polish shale gas project as well as its Tishomingo Field, Caney oil shale operations in Oklahoma.
The fracture stimulation design for the first portion of the Gapowo B-1 well has been finalized, subcontractors have been selected and construction of surface equipment and water storage facilities are complete. The fracture stimulation equipment is currently being positioned while the Company awaits final approval of the completion portion of Plan Ruchu. The Company is hoping to receive the approved Plan Ruchu the week of April 14th, so that operations can commence.
The Company has successfully fracture stimulated the remaining 15% of the lateral section from the Barnes 7-2H well that was not previously stimulated. The well is flowing back and is currently being tested. Early results indicate that the Company has successfully reduced the cost of the Caney fracture stimulations while maintaining similar production results. The Company currently anticipates fracture stimulating the Leila 31-2H well in mid April.
The services and plans for drilling the next Caney wells have been finalized. Site preparation for two Caney locations are nearly finalized and work is expected to commence on a third location in the coming weeks. The Company is currently negotiating with a number of rig contractors and anticipates starting its next drilling phase in May.
About BNK Petroleum Inc.
BNK Petroleum Inc. is an 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 oil and gas properties and concessions in the United States, Poland and Spain. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
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 statements regarding Caney wells and Gapowo B-1 well development, including plans, anticipated results and timing. Forward-looking information is based on plans and estimates of management and interpretations of exploration information by the Company's exploration team at the date the information is provided and is subject to several factors and assumptions of management, including that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that anticipated results and estimated costs will be consistent with managements' expectations, that new stimulation techniques will be successful, that the Company's geological analyses are accurate, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes or shortages are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained, that the Company will continue to be able to access sufficient capital through financings, farm-ins or other participation arrangements to maintain its projects and carry out its plans, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole. 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 any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that anticipated results and estimated costs will not be consistent with managements' expectations, new completion techniques proving to be unsuccessful, the Company's geological analyses proving to be inaccurate, the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays or labor or contract disputes or shortages are encountered, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business 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 http://www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
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