BNK Petroleum Inc. receives additional $2 million pursuant to exercise of over-allotment option and appoints new director
CAMARILLO, CA, April 11, 2014 /CNW/ - BNK Petroleum Inc. (the "Company" or "BNK") (TSX: BKX) is pleased to announce that the syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and including GMP Securities L.P., TD Securities Inc., and Cormark Securities Inc. has exercised its over-allotment option to purchase an additional 900,000 common shares of the Company at a price of $2.20 per share for gross proceeds of $1,980,000. The over-allotment option was granted to the Underwriters in connection with the previously announced bought-deal, short form prospectus offering which closed on March 26, 2014.
The Company is also pleased to announce that Mrs. Leslie O'Connor has been appointed as a new director of the Company. Mrs. O'Connor is the Managing Partner of MHA Petroleum Consultants LLC, a petroleum reservoir management consulting firm. Mrs. O'Connor has more than 30 years of worldwide petroleum engineering experience, including property evaluation, reservoir and economic evaluations, petrophysical studies and expert witness testimonies. Mrs. O'Connor also held positions with Sproule Associates Inc, Geoquest Reservoir Technologies, Thums Long Beach Company and Dresser Atlas. She is a member of the Society of Petroleum Engineers where she is the recipient of the 2014 SPE Regional Service Award, the SPE 1995 Regional Service Award as well as the 1990 Denver Section Service Award. She has an extended BSc Geology with Applied Engineering degree from North Arizona University as well as Graduate Studies in Petroleum Engineering from the Colorado School of Mines.
Ford Nicholson, Chairman of the Board commented "We are very pleased to have someone of Leslie's caliber and experience join our team. I believe her experience will be a tremendous benefit to our Company and its stockholders. We are very excited to welcome Leslie to our Board of Directors."
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.
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