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CALGARY, April 19 /CNW/ - BNP Resources Inc ("BNP") is pleased to announce the following operational update:
BNP is pleased to announce that Mr. Colin F. Ogilvy has agreed to join BNP's Board of Directors. Mr. Ogilvy has over 30 years of Western Canada oil industry experience and has been President and a director of previous successful junior oil and gas companies, including Hillcrest Resources Ltd., OGY Petroleums Ltd. and Rival Energy Ltd.
The Board of Directors welcomes Mr. Ogilvy and looks forward to his forthcoming contributions to BNP.
BNP would like to update the Jensen area activity. Privco has elected not to drill additional earning wells. As previously press released, Privco has completed the 16-5-3-20 W4M and 5-4-3-20 W4M wells and must tie-in the 5-4-3-20 W4M well into the 16-5 battery and equalize on existing equipment prior to earning its 50% working interest in the two relevant quarter-sections.
BNP and Privco are investigating the costs related to installation of a water disposal facility at Jensen, as well as the possibility of an emulsion transport line out of the area.
In the past month BNP has extinguished approximately $120,000 of outstanding payables by executing two more asset for debt deals.
The Energy Resources Conservation Board ("ERCB") has notified BNP of a LMR ratio imbalance and has requested from BNP a cash deposit or letter of credit for $339,718.44 to correct this imbalance. BNP has submitted an action plan to the ERCB and has requested a hearing related to this matter. BNP is awaiting a response from the ERCB with respect to the timing of a hearing.
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