BNP Resources Inc. announces 2007 third quarter results



    /THIS DOCUMENT IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED
    STATES/

    TSX-V BNX.A/BNX.B

    CALGARY, Nov. 27 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation")
announces its financial and operational results for the three and nine month
periods ended September 30, 2007.

    
    During the quarter ended September 30, 2007, BNP:

    -   Commenced production averaging 65 boe/day (see subsequent events
        below).

    -   On September 13, 2007, closed a portion of a private placement of
        Class A shares on a "flow-through" basis. A total of 984,500 Flow-
        through Shares were issued at a price of $0.84 per share, for total
        gross proceeds of $826,900.

    -   Drilled and cased five wells during the quarter, four of which were
        either completed or in the process of being completed, as at
        September 30, 2007.

    -   Expended approximately $3.6 million of qualifying flow-through
        expenditures bringing the total amount spent since inception, to the
        end of September 2007, to approximately $7.6 million.

    Subsequent to September 30, 2007, the Corporation:

    -   Believes it has made a significant light oil discovery in Southern
        Alberta, and is in the process of evaluating the reserve potential
        associated with the two recently drilled wells into the pool. An
        independent reservoir engineering firm is currently evaluating the
        reserves from these two wells as part of the year end reserve audit.
        The pool is defined by 3-D seismic and is believed to be of
        significant extent. BNP has a 100% working interest in the entire
        pool, which resides on freehold lands with a weighted average
        freehold royalty rate of 26.67%. As a result of this oil discovery
        and other oil discoveries in Southern and South Central Alberta, BNP
        has shifted its focus to a program developing oil pool discoveries
        made in 2007.

    -   Since September 30, 2007, drilled three wells, each 100% BNP, all of
        which have been cased and are currently being evaluated.

    -   Of the four wells that were completed or in the process of being
        completed at the end of September 2007, BNP has initiated the
        equipping of three oil wells, each 100% BNP, with production to
        commence in early December 2007.

    -   On October 16, 2007, successfully closed a previously announced
        private placement of 2,142,857 preferred shares of a wholly owned
        subsidiary of BNP at a price of $0.70 per share for gross proceeds of
        approximately $1.5 million. Each non-voting, non-cumulative dividend
        bearing preferred share is convertible into one Class A share of BNP,
        at the option of the subscriber, at any time prior to 36 months
        following the closing of the offering ("Maturity Date") and, in any
        event, will automatically convert on the Maturity Date.

    -   On October 16, 2007, successfully closed a second tranche of a
        previously announced private placement of Class A shares issued on a
        "flow-through" basis. A total of 119,600 Flow-Through Shares were
        issued at a price of $0.84 per share, for total gross proceeds of
        $100,464.

    -   On November 27, 2007, entered into an agreement with a Canadian
        chartered bank to provide BNP with operational and development
        financing capability. BNP will be provided with operational and
        development borrowing capacity up to $3.25 million at rates between
        prime plus 1% and 1.25%. The facilities, none of which have drawn
        upon, are secured by a general charge over all of the Corporation's
        assets. These facilities will be used to finance the Corporation's
        working capital and capital expenditure requirements.

    -   Since September 30, 2007, expended an additional $1.6 million of
        qualifying flow-through expenditures bringing the total since
        inception up to approximately $9.5 million, leaving approximately
        $0.75 million to be spent by December 31, 2007.
    

    BNP is actively engaged in the exploration for, the development and
production of, oil reserves and natural gas. BNP's business strategy is to
build sustainable and profitable per share growth through selective
acquisitions and internally generated exploration and development drilling.
    BNP has approximately 9,604,100 Class A shares and 922,500 Class B shares
issued and outstanding which trade on the TSX Venture Exchange under the
symbols "BNX.A" and "BNX.B".
    The entire September 30, 2007, Financial Statements, Notes and
Management, Discussion and Analysis may be found on the SEDAR website
www.sedar.com or on the Corporation's website www.bnpresources.com.

    ADVISORY: This press release may contain forward-looking statements
including management's assessment of future plans and operations and
expectations of future production, cash flow and earnings. These statements
are 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 (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), commodity price and exchange rate fluctuation and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures. Oil equivalent
amounts have been calculated using a conversion rate of six thousand cubic
feet of natural gas to one barrel of oil. BOEs may be misleading, particularly
if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. The
forward-looking statements contained in this press release are made as of the
date hereof and BNP undertakes no obligations to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.


    
    BNP Resources Inc.
    Interim Balance Sheet
    (Unaudited)
    -------------------------------------------------------------------------

                                                  September 30,  December 31,
                                                          2007          2006
                                                             $             $

    Assets

    Current assets
    Cash                                             2,063,504     9,142,243
    Receivables, prepaid expenses and other            588,968       214,647
                                                   --------------------------
                                                     2,652,472     9,356,890
    Future income tax                                        -       334,836
    Property and equipment                          10,412,235     1,866,568
                                                   --------------------------
                                                    13,064,707    11,558,294
                                                   --------------------------
                                                   --------------------------
    Liabilities
    Current liabilities
    Accounts payable and accrued liabilities         2,087,250       849,877
    Asset retirement obligation                        513,828        91,211
    Future income tax liability                      2,748,009             -
                                                   --------------------------
                                                     5,349,087       941,088
                                                   --------------------------
    Shareholders' Equity
    Share capital                                    8,140,796    10,675,356
    Contributed surplus                                 73,844        31,983
    Deficit                                           (499,020)      (90,133)
                                                   --------------------------
                                                     7,715,620    10,617,206
                                                   --------------------------
                                                    13,064,707    11,558,294
                                                   --------------------------
                                                   --------------------------



    BNP Resources Inc.
    Interim Statement of Loss, Comprehensive Loss and Deficit
    (Unaudited)
    -------------------------------------------------------------------------

                                                                 Period from
                      Three months  Three months   Nine months  May 16, 2006
                             ended         ended         ended            to
                      September 30, September 30, September 30, September 30,
                              2007          2006          2007          2006
                                 $             $             $             $

    Revenue
    Oil and gas
      Oil                   44,215             -        44,215             -
      Gas                  168,348             -       168,348             -
      Natural gas
       liquids               2,612             -         2,612             -
    Royalties              (77,866)            -       (77,866)            -
                       ------------------------------------------------------
    Net oil and gas
     revenue               137,309             -       137,309             -
    Interest and other
     income                 46,675        91,855       206,055        96,920
                       ------------------------------------------------------
    Total net revenue      183,984        91,855       343,364        96,920
                       ------------------------------------------------------
    Expenses
    Operating expenses      88,822             -        88,822             -
    General and
     administrative costs  125,330        75,889       445,181       106,573
    Stock-based
     compensation           13,956        18,036        41,861        18,036
    Accretion, depletion
     and depreciation       43,807         6,178        58,309         6,178
    Part XII.6 interest
     expense                69,950             -       291,750             -
                       ------------------------------------------------------
                           341,865       100,103       925,923       130,787
                       ------------------------------------------------------
    Loss before income
     taxes                (157,881)       (8,248)     (582,559)      (33,867)
    Future income tax
     expense (recovery)    (44,721)        3,181      (173,672)       (5,145)
                       ------------------------------------------------------
    Net loss and
     comprehensive loss
     for the period       (113,160)      (11,429)     (408,887)      (28,722)
    Deficit - Beginning
     of period            (385,860)      (17,293)      (90,133)            -
                       ------------------------------------------------------
    Deficit - End of
     period               (499,020)      (28,722)     (499,020)      (28,722)
                       ------------------------------------------------------
                       ------------------------------------------------------
    Loss per share
    Basic and diluted       (0.006)       (0.001)       (0.023)       (0.003)
                       ------------------------------------------------------
                       ------------------------------------------------------
    Weighted average
     shares
    Basic               17,917,620    13,114,092    17,789,912    10,167,600



    BNP Resources Inc.
    Interim Statement of Cash Flows
    (Unaudited)
    -------------------------------------------------------------------------

                                                                 Period from
                      Three months  Three months   Nine months  May 16, 2006
                             ended         ended         ended            to
                      September 30, September 30, September 30, September 30,
                              2007          2006          2007          2006
                                 $             $             $             $

    Cash provided by
     (used in)

    Operating activities
    Net loss and
     comprehensive loss
     for the period       (113,160)      (11,429)     (408,887)      (28,722)
    Items not affecting
     cash
      Future income
       taxes (recovery)    (44,721)        3,181      (173,672)       (5,145)
      Accretion and
       depreciation         43,807         6,178        58,309         6,178
      Stock-based
       compensation         13,956        18,036        41,861        18,036
                       ------------------------------------------------------
                          (100,118)       15,966      (482,389)       (9,653)
    Change in non-cash
     working capital       (66,728)      (60,004)     (249,203)      (60,354)
                       ------------------------------------------------------
                          (166,846)      (44,038)     (731,592)      (70,007)
                       ------------------------------------------------------
    Financing activities
    Issue of common
     shares Class A        826,980     1,025,000       826,980     1,025,000
    Issue of common
     shares Class B              -     9,225,000             -     9,225,000
    Share issue costs
     Class A              (105,024)      (99,947)     (105,024)      (99,947)
    Share issue costs
     Class B                     -      (899,525)            -      (899,525)
    Change in non-cash
     working capital        69,950        36,418       291,750        16,508
                       ------------------------------------------------------
                           791,906     9,286,946     1,013,706     9,267,036
                       ------------------------------------------------------
    Investing activities
    Additions to oil and
     gas properties     (4,422,763)     (249,075)   (8,092,627)     (334,402)
    Additions to
     equipment                   -       (12,297)       (6,129)      (54,184)
    Change in non-cash
     working capital       147,603        18,946       737,903       112,632
                       ------------------------------------------------------
                        (4,275,160)     (242,426)   (7,360,853)     (275,954)
                       ------------------------------------------------------
    Increase (decrease)
     in cash            (3,650,100)    9,000,482    (7,078,739)    8,921,075
    Cash - Beginning
     of period           5,713,604     1,020,593     9,142,243     1,100,000
                       ------------------------------------------------------
    Cash - End of
     period              2,063,504    10,021,075     2,063,504    10,021,075
                       ------------------------------------------------------
                       ------------------------------------------------------
    





For further information:

For further information: Gregory Bilcox, President and CEO, BNP
Resources Inc., Phone: (403) 695-1091, Fax: (403) 265-0413; Gordon B. Paul, VP
Finance and CFO, BNP Resources Inc., Phone: (403) 695-1095, Fax: (403)
265-0413

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