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DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
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CALGARY, Dec. 11 /CNW/ - BNP Resources Inc. ("BNP") is pleased to
announce that as a result of the positive response to the previously announced
Flow-Through Share and Class A Share offering described in its press release
of December 10, 2007, BNP has agreed to increase the size of the option (the
"Underwriter's Option") granted to Acumen and exercisable prior to closing:
(i) from 1,333,334 Flow-Through Shares at a price of $1.50 per Flow-Through
Share to 2,466,667 Flow-Through Shares at a price of $1.50 per Flow-Through
Share; and (ii) from 178,572 Class A Shares at a price of $1.40 per Class A
Share to 500,000 Class A Shares at a price of $1.40 per Class A Share. If the
Underwriter's Option is exercised in full, the total offering increases from
$3,750,000 to $5,900,000.
Proceeds of the offering will be used to incur qualifying expenditures to
fund BNP's oil and gas properties and to supplement working capital.
Closing of the offering is expected to occur on or about December 21,
2007, and is subject to all necessary regulatory and stock exchange approvals.
The shares will be subject to a four month hold period from the date of
closing of the private placement.
BNP is actively engaged in the exploration for, the development and
production of, oil and natural gas reserves. 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".
Further information with regards to the Corporation may be found on the
SEDAR website www.sedar.com or on the Corporation's website
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
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
The securities being offered have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in
the United States or to, for the account or benefit of, U.S. Persons absent
U.S. registration or an applicable exemption from the U.S. registration
requirements. This press release does not constitute an offer to sell or the
solicitation of an offer to purchase securities in the United States.
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)