CALGARY, April 23 /CNW/ - BNK Petroleum Inc. (the Company)/(TSX: BKX) is
pleased to announce that it has closed its previously announced $50 million
senior advancing line of credit facility (Facility) with Wells Fargo Energy
Capital, Inc. The Facility, which will replace BNK's existing $7 million
credit line, has an initial borrowing base of $29.5 million. The Facility,
which is secured by the Company's properties in the Tishomingo Field,
Oklahoma, matures in 24 months and bears interest at US base rate plus 3% and
includes overriding royalties and net profit interests. The proceeds from the
Facility will be used for working capital and to complete the balance of BNK's
wells that have been drilled but not yet fracture stimulated.
About BNK Petroleum Inc.
BNK Petroleum Inc. is a California based oil and gas exploration and
production company focused on finding and exploiting large oil and gas
resource plays. The Company holds an average of 50% interest in the Tishomingo
gas field in Oklahoma and varied interests in three other areas in the
Northern and Central regions of the United States, where it is currently
pursuing the exploration, development and production of shale and tight sand
gas plays. The Company's shares are traded on the Toronto Stock Exchange under
the stock symbol BKX.
This document contains certain forward looking statements which involve
known and unknown risks, delays and uncertainties not under the company's
control which may cause actual results, performance or achievements of the
company to be materially different from the results, performance or
expectation implied by these forward looking statements.
The TSX does not accept responsibility for the adequacy or accuracy of
this news release.
For further information:
For further information: Wolf Regener, President and Chief Executive
Officer, (805) 484-3613, Email: firstname.lastname@example.org, Website: