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CALGARY, Jan. 26 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation") is pleased to announce results of work done to date under our November 2009 farmout at Jensen. "Privco", the private company who farmed in on BNP, has recompleted the 16-5-3-20-W4M well.
After completing 12 metres of pay section beneath the existing perfs, production for this well has stabilized at 90 - 100 bbl/day total fluid with a 50+% oil cut. The production facility at Jensen has been upgraded with additional tankage to accommodate this increase in oil production.
Privco will continue an optimization program to maintain or even increase oil production from the 16-5 well. Oil will be shipped to sales starting February 2010.
Privco is now moving on to complete the 5-4-3-20-W4M well at Jensen. Results of this work shall be announced when available.
"We are delighted with the results of the recompletion at 16-5," says Gregory Bilcox, President and CEO of BNP. "We have been confident all along that this production rate could be achieved, and it is satisfying to see it happen. We look forward to seeing the results of upcoming completion work at 5-4. This well is higher structurally and has better porosity and thicker pay than 16-5."
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 25,035,834 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".
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: For further information: Gregory Bilcox, President and CEO, BNP Resources Inc., Phone: (403) 695-1091, Fax: (403) 265-0413