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CALGARY, Dec. 5 /CNW/ - BNK Petroleum Inc. ("BNK" or the "Company") (TSX: BKX) is pleased to announce that it has been awarded two additional oil and gas concessions, which total approximately 500,000 acres in one European basin. The granting of these concessions continues BNK's European shale gas strategy by providing diversification in multiple basins. BNK's first concessions were the 600,000 net acres acquired in Poland which were announced earlier this year.
In accordance with the granting of these latest concessions, certain minimum requirements must be fulfilled by BNK to retain its interest. Some of the more significant minimum requirements consist of conducting geological work in the first year, acquiring seismic in the second year, drilling one vertical well in both years three and four, and the drilling of one horizontal well in year five within each concession area.
"Our plan is to continue the acquisition of prospective shale gas acreage in Europe based on the work that our expert team has been doing for the last 18 months." said Wolf E. Regener, BNK's President and CEO.
Caution Regarding Forward-looking Information
This document may contain certain forward looking statements including statements with respect to acquiring additional concessions, the concessions awarded and the more significant minimum requirements required to hold said concessions. The forward looking information is based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry and BNK's ability to identify suitable drilling locations (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), risk associated with equipment procurement and equipment failure, risks related to international operations and doing business in foreign jurisdictions, the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes and risks and uncertainties associated with securing and maintaining necessary regulatory approvals.
For a description of the risks and uncertainties facing BNK and its business and affairs, readers should refer to BNK's Annual Information Form for the year ended December 31, 2008, which is available at www.sedar.com. The Company assumes no obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
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 and in Europe, 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.
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SOURCE BNK Petroleum Inc.
For further information: For further information: Wolf Regener, President and Chief Executive Officer, (805) 484-3613, Email: firstname.lastname@example.org, Website: www.bnkpetroleum.com