/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, Nov. 26 /CNW/ -
- BNP Resources Inc. ("BNP" or the "Corporation") is pleased to
announce that it has successfully concluded an agreement with a
private Alberta company ("Privco") for the development of BNP's key
Jensen property. Privco must recomplete the 16-5-3-20 discovery well
and complete the 5-4-3-20 well in the Upper Madison, then equip and
tie-in the 5-4 well to the 16-5 battery-all at its sole cost and
expense-in order to earn a 50% interest in the two relevant quarter-
sections. For greater clarity, both operations must be completed in
order for Privco to earn. Privco will have rolling options to earn
50% in the remaining quarter-sections on a quarter-section basis by
drilling, completing or recompleting, equipping and tie-in of
additional wells. Where there is equipment on site or where a well
has already been tied-in to the 16-5 battery, Privco will equalize
and reimburse BNP for 50% of such equipment and pipelining costs.
"This agreement is exactly what BNP was looking for at Jensen," says
Mr. Gregory Bilcox, President and CEO. "An engineering-oriented
company that understands and can work with this light oil dolomite
reservoir. We look forward to working with our new partner in
developing the Jensen pool."
- BNP announces financial and operating results for the nine month
period-ended September 30, 2009. The full text of BNP's unaudited
interim financial statements for the nine month period ended
September 30, 2009, the notes thereto and related management's
discussion and analysis can be found at www.sedar.com and on BNP's
website at www.bnpresources.com.
- Effective November 30, 2009, Ms. Kitty Louie has tendered her
resignation to BNP as CFO. We thank Ms. Louie for her contributions
to the Corporation and wish her the best in her future endeavours.
- Effective November 25, 2009, Mr. Mike Shaikh has tendered his
resignation as director and Chairman of the Board of BNP in order to
assume his new responsibility as Chair of the Calgary Police
Commission. We sincerely thank Mr. Shaikh for his contributions and
guidance over the last 3 1/2 years and wish him the best in his new
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