CALGARY, Dec. 7 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation") has completed a share for debt agreement with one (1) Creditor (the "Creditor") totaling approximately $72,888.48 that was originally described in the Corporation's News Release of October 15, 2010. The debt obligation relates to services that have been provided by the Creditor. Under the shares for debt settlement BNP will issue approximately 728,888 Class "A" shares to the Creditor at a price of $0.10 per Class "A" share. The settlement constitutes full satisfaction of the $72,888.48 debt obligation that is owed by BNP to the Creditor. Upon issuance of the Class "A" shares to the creditor, the debt owed them and obligations of BNP related to the debt deal will be fully extinguished.
The above agreement has received final approval of the TSX-Venture Exchange.
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 28,695,291 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.
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.
For further information: For further information:
Gregory Bilcox, President and CEO
BNP Resources Inc.