TSX ticker symbol; BKX
CAMARILLO, CA, Sept. 20, 2011 /CNW/ - 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
totalling approximately 234,000 acres located mainly in the autonomous
community of Castile and Leon, Spain. This concession brings the
Company's total acreage in Europe to about 3.8 million net acres in 5
Located in the Cantabrian basin of Spain, the concession has been
acquired principally for shale gas targets but also has some
conventional oil and gas potential. The primary target is a
Jurassic-aged shale, which based on available information ranges, in
the most prospective areas, from 100 to over 200 meters in gross
thickness at depths of about 2,500 to 4,500 meters. The structure and
stratigraphy are defined by numerous existing 2D seismic lines and
dozens of wells which were drilled by other operators. Most of the
previously drilled wells had oil and/or gas shows in the shale interval
as well as in fractured carbonates both above and below the shale.
These fractured carbonates are the conventional targets.
The concession terms include certain minimum requirements, which must be
fulfilled by BNK to retain its interest. The more significant minimum
requirements include the requirement to conduct geological work in the
first year, drilling two wells each in years two, three and four and
three wells in year five.
The Company on behalf of Saponis Investments Sp. z o.o., announced today
that it has commenced completion operations on the Lebork S-1 well
which entails rigging up equipment, cleaning out the wellbore and
performing formation evaluation tests prior to fracture stimulations.
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 timing of test results at
Lebork S-1. 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 financial condition and the
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 the development plans of the Company or the other participants in
the Lebork S-1 well will change as well as the other risks and
uncertainties applicable to exploration activities 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 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 gas properties and concessions in the United States, Poland,
Spain 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.
For further information:
Wolf E. Regener +1 (805) 484-3613