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CALGARY, Aug. 8 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation")
is pleased to provide the following operations update.
At Jensen, the 11-8-3-20W4M well has been drilled and cased. Based on log
analysis this well has confirmed a northern extension to the original
Mississippian pool discovery. BNP intends to complete this well prior to the
end of this fiscal quarter. More information will be provided when available.
BNP also advises that it has elected to drop its option on the remaining
18 sections (11,520 gross acres) that it has held under option at Jensen. The
Corporation is comfortable, based on extensive 3-D seismic review, that it has
earned the rights to the entire Mississippian pool, including the rights to
the zone below the base of the original Mississippian discovery made in the
5-4-3-20W4M well. The Corporation can now focus on developing the remaining
spacing units of the 3 sections (1920 gross acres) that have already been
BNP is in the process of equipping and tie-in of its 2-8-3-20W4M Jensen
well. This well should be on production before the end of August.
Further results will be released as available.
In a press release dated May 8, 2008, the Corporation announced that a
search was underway for a suitable candidate to replace Mr. Poirier as Vice
President, Production. In the interim the Corporation has engaged the services
of consultants as required. BNP is satisfied that this arrangement is meeting
its needs for the time being.
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 16,432,244 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".
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
The TSX Venture Exchange does not accept 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