/THIS DOCUMENT IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS./
CALGARY, March 24, 2014 /CNW/ - BNP Resources Inc. ("BNP" or the
"Corporation") would like to announce that the company has received a
termination notice from the private company, and the sale of the Jensen
wellbores will not proceed. We were unable to get an acceptable
leaseholder deal between the owner of the freehold leases and the
private company. The freehold leaseholder required a drilling
commitment and a deposit from the private company, in order to issue
the lease. BNP no longer hold the Jensen leases as we had insufficient
funds on hand to make payment. This leaves the company without a lease
for the Jensen facilities. It is anticipated that the freehold
leaseholder and the AER will be proceeding with abandonment orders for
our Jensen wellbores and pipelines, over the next 2-6 months.
Our options going forward are as follows:
Option 1 - Find a new partner that will purchase the wellbores, make the
necessary drilling commitments and post a security deposit sufficient
to obtain a new lease from the freehold leaseholder.
Option 2 - Find a new partner that will purchase the wellbores, build a
water disposal plant, install heater / treater, pumping equipment and
obtain a new lease from the freehold leaseholder.
The management of BNP are committed to finding a solution that will
benefit all stakeholders including the freehold leaseholder, the AER,
our shareholders and creditors. This may take a little more time than
initially anticipated and your patience and understanding is
BNP is actively engaged in the exploration for and the development and
production of oil and natural gas reserves. BNP's business strategy is
to build sustainable and profitable per share growth through internally
generated exploration and development drilling.
BNP has approximately 61,912,151 Class A shares issued and outstanding
which trade on the TSX Venture Exchange under the symbols "BNX.A".
Neither the TSX Venture Exchange nor Its Regulation Services Provider
(as the term Is defined In the Policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: BNP Resources Inc.
For further information:
James Evans Doody, President and CEO
BNP Resources Inc.