CALGARY, May 20, 2011 /CNW/ - BNK Petroleum Inc. (the "Corporation") (TSX: BKX), announces that as part of its commitment to sound
corporate governance practices and transparency and following
discussions with ISS, the Corporation has undertaken to amend its Stock
Option Plan, by adding a new provision that will become effective on a
going forward basis, to the following effect:
"Maximum non-employee director participation under the Stock Option Plan
is limited to an annual equity award value of $100,000 per non-employee
director, provided that this limit shall not apply in respect of an
initial grant of options to a newly appointed or elected non-employee
by adding a new section to the amendment clause in the Stock Option Plan
that requires shareholder approval for any change to the foregoing
While such amendments exceed current requirements of the Toronto Stock
Exchange ("TSX") pertaining to such plans, the Board of Directors, in pursuing its
objective of transparency regarding the Corporation's processes and
procedures, intends to approve such modifications. The Corporation
expects to submit such amendments for the approval of the TSX following
its 2011 Annual General Meeting of Shareholders but prior to the grant
of any further options thereunder.
About BNK Petroleum Inc.
BNK Petroleum Inc. is an international oil and gas exploration and
production company focused on finding and exploiting large,
predominately unconventional oil and gas resource plays. Through
various affiliates and subsidiaries, the Company owns and operates
shale gas properties and concessions in the United States, Poland and
Germany. Additionally the Company is utilizing its technical and
operational expertise to identify and acquire additional unconventional
projects outside of North America. The Company's shares are traded on
the Toronto Stock Exchange under the stock symbol BKX.
SOURCE BNK Petroleum Inc.
For further information:
Wolf E. Regener +1 (805) 484-3613