/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, July 9 /CNW/ - BNK Petroleum Inc. (TSX: BKX) is pleased to
announce that on July 2, 2008, Bankers Petroleum Ltd. ("Bankers" "BNK-TSX")
received approval of the British Columbia Supreme Court for its plan of
arrangement (the "Arrangement") pursuant to which all of Bankers U.S.
operations and assets will be spun out into BNK Petroleum Inc. ("BNK
Petroleum"). BNK Petroleum has now been approved for listing and trading on
the Toronto Stock Exchange (the "TSX") under the symbol BKX. In addition, all
conditions to the Arrangement were either met or waived. As such, the Court's
final order was filed with the Registrar of Companies pursuant to the Business
Corporations Act (British Columbia). Bankers and BNK Petroleum have since
completed regulatory filings in connection with the Arrangement and the
listing of BNK Petroleum on the TSX.
On Thursday, July 10, 2008, Bankers common shares ("Bankers Shares") will
begin trading on TSX and AIM on an ex-BNK Petroleum basis and BNK Petroleum's
common shares ("BNK Petroleum Shares") will also begin to trade on TSX on an
"when issued" basis. The date and time for determining which Bankers
shareholders are entitled to receive BNK Petroleum Shares will be on Monday,
July 14, 2008 at 4:30 p.m. (Calgary time) (the "Record Time"). As such, the
last day to acquire Bankers Shares on TSX or AIM in order to be entitled to
receive BNK Petroleum Shares pursuant to the Arrangement will be Wednesday,
July 9, 2008. Certificates representing BNK Petroleum Shares are expected to
be sent to registered holders by Thursday, July 17, 2008.
BNK Petroleum is continuing with its 2008 drilling program of drilling
and participating in 30 gross wells in the Tishomingo Gas Field in Carter and
Johnston Counties of Oklahoma. To date in 2008, BNK Petroleum has drilled and
cased seven wells and is currently drilling another six wells. BNK Petroleum
has also participated in another four non-operated wells, as part of its 30
gross well program, one of which has been cased. The first well of its 2008
drilling program, the Dunn 2-1H, was fracture stimulated in the 2nd quarter
and as previously announced in Bankers' May 14, 2008 press release had an
initial production rate of 2.7 million cubic feet a day (MMcf/d) along with
90 barrels of oil per day (bopd) on a three day test. This well is currently
producing about 2.1 MMcf/d along with 160 bopd. The casing repair work in BNK
Petroleum's second well of the 2008 program, the Brock 6-1H has been completed
and the well is currently being fracture stimulated.
Gathering system rights of way and the laying of the gathering system is
ongoing. BNK Petroleum is hopeful that a meter upgrade will be completed by
the end of July to remove the current 4 million cubic feet a day restriction
on the temporary processing plant which is expected to increase production
from all existing producing wells. BNK Petroleum's temporary processing plant
would then have a processing capacity of about 6-7 MMcf/d. Alternatives for
additional processing capacity are currently being negotiated with three
different parties, including the installation of another 25 MMcf/d processing
plant where BNK Petroleum would own a 50% interest.
BNK Petroleum is anticipating that additional processing capacity will be
available beginning in August 2008 which will make it possible to fracture
stimulate and put on production the additional wells that have already been
drilled and cased.
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.
For further information:
For further information: Wolf Regener, President and Chief Executive
Officer, (805) 484-3613; Juneyt Tirmandi, Chief Financial Officer, (403)
541-5319, Email: email@example.com, Website: