BNP Resources Inc. announces shares for debt settlement agreement



    CALGARY, May 12 /CNW/ - BNP Resources Inc. ("BNP") is pleased to announce
that it has executed a shares for debt settlement agreement with Drain
Brothers Construction Ltd. (the "Creditor"). The debt obligations relate to
services that have been provided by the Creditor to the Corporation. Under the
shares for debt settlement, BNP will issue 2,189,590 Class A shares to the
Creditor at an issue price of $0.10 per Class A share. This settlement
constitutes full satisfaction of the $218,958.99 debt obligation that is owed
by BNP to the Creditor. Upon issuance of the shares to the Creditor, the debt
owed to the Creditor and the obligations of BNP relating to the debt, will be
fully extinguished. The issuance of the shares pursuant to the debt settlement
agreement is subject to the 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.

    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
securities laws.

    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.

For further information:

For further information: Gregory Bilcox, President and CEO, BNP
Resources Inc., Phone: (403) 695-1091, Fax: (403) 265-0413

Organization Profile

BNP Resources Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890