/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, Jan. 21 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation")
is pleased to announce the following as of December 31, 2008:
- BNP has met all of its flow-through commitments for 2008, and enters
2009 with no additional flow-through commitments.
- BNP has fulfilled all of its commitments to Golden Opportunities Fund
for expenditures and economic activity in the Province of
- BNP's sublease for the office space it has occupied since inception
will be terminated as of January 31, 2009. The Corporation has been
able to secure new space effective February 1, 2009, that will result
in substantial G&A savings.
- BNP exits 2008 with no bank debt.
- BNP production tested the Jensen well 2-8-3-20 W4M during the month
of November, 2008 producing 14 bbls of oil. The 2-8 well has been
shut-in pending further completion work and evaluation.
- BNP produced 33 boep/d in November, 2008 and expects to produce
between 30 and 40 boep/d for the month of December, 2008.
- The Corporation continues to review strategic alternatives, including
divestments, acquisitions and mergers.
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 16,436,244 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".
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.
For further information:
For further information: Gregory Bilcox, President and CEO, BNP
Resources Inc., Phone: (403) 695-1091, Fax: (403) 265-0413