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CALGARY, May 28 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation") is pleased to announce the closing of a non-brokered private placement of 1,000,000 units as previously press released for gross proceeds of $100,000.00. Each unit consists of one Class A Share of BNP and one half of one Class A purchase warrant, each whole warrant entitling the holder to acquire one Class A Share at an exercise price of $0.10 per share for a period of one year. The Class A Shares and warrants issued on May 26, 2010 are subject to a 4 month hold period.
BNP has also settled the outstanding Weatherford Canada Partnership statement of claim dated April 20, 2010 of $47,076.08. BNP has now been fully and irrevocably released from all obligations of the indebtedness associated with this matter.
Recently BNP also eliminated further payables of approximately $36,000.00.
The Jensen area remains an active area for crown land sale activity. The April 21, 2010 and May 19, 2010 Crown Sales yielded aggregate bonuses of approximately $24,000,000, with bid prices as high as $2,752.69 per hectare. The posted lands were located between Townships 1 to 2 Range 20-22 W4M. In addition, two horizontal wells have been licensed by industry competitors south of the BNP Jensen lands. BNP is evaluating the merits of the rumoured Bakken/Exshaw light oil resource play in this area for which it holds the rights on its Jensen acreage.
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 26,552,434 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