TSX ticker symbol; BKX
CAMARILLO, CA, Jan. 17, 2017
/PRNewswire/ - BNK Petroleum Inc. (the "Company")
(TSX: BKX) is pleased to announce that it has successfully
finished drilling the first well of its 2017 drilling program, the
Chandler 8-6H well, in the Company's Tishomingo Field,
Oklahoma.
The Chandler 8-6H well, in which the Company has a 99.9% working
interest, has been successfully drilled and cased. The well
was drilled under-budget and the entire lateral has been placed on
target, within the preferred sub-interval of the Caney
formation. As anticipated, strong oil and gas shows were
recorded while drilling, which are comparable to some of the
Company's best producing wells to date.
The Company is scheduled to begin fracture stimulation
operations late next week. Once the stimulation operations
are complete the Company will immediately begin flowing back the
well and put it on production.
The drilling rig will be rigging down over the next few days and
then moving to the next location to drill the Hartgraves 1-6H well
(100% working interest).
Wolf Regener, President and CEO,
commented "I am very pleased that we were able to drill this well
safely and under-budget, and that the oil and gas shows look so
strong. This result is a testament to the excellent team that
we have in place. We are looking forward to completing this
well and to drilling and completing our next planned wells, which
are also in areas that are geologically comparable to some of our
best performing wells. We expect this drilling program to
significantly increase our already positive cash flow, as well as
prove up additional reserves."
Operations Update
The Company plans to restart the Company's three previously
announced shut-in wells over the next week as the offset operator
has completed its fracture stimulations. The four
non-operated Woodford wells in which the Company has a 5% working
interest are also expected to be on production shortly.
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. 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 the timing
of and expected results from planned Caney wells
development and the timing of production and the performance of
planned wells. Forward-looking information is based on plans
and estimates of management and interpretations of data by the
Company's technical team at the date the data is provided and is
subject to several factors and assumptions of management, including
that that indications of early results are reasonably
accurate predictors of the prospectiveness of the shale intervals,
that required regulatory approvals will be available when required,
that no unforeseen delays, unexpected geological or other effects,
including flooding and extended interruptions due to inclement or
hazardous weather conditions, equipment failures, permitting delays
or labor or contract disputes are encountered, that the development
plans of the Company and its co-venturers will not change, that
the offset operator's operations will proceed as expected by
management, 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 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 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, the risks associated with the
oil and gas industry (e.g. operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration and development projects or capital expenditures;
the uncertainty of reserve and resource estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks, including flooding and extended interruptions
due to inclement or hazardous weather conditions), that the
offset operator's operations have unexpected adverse effects on the
Company's operations, 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
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.
SOURCE BNK Petroleum Inc.