CAMARILLO, California,
September 19, 2017 /PRNewswire/
--
BNK Petroleum Inc. (the
"Company") (TSX: BKX) is pleased to announce that
fracture stimulation completion operations on the previously
drilled Brock 9-2H well have commenced.
The fracture stimulation is anticipated to take approximately
two weeks, after which the equipment will be removed and the
flowback will commence. It has historically taken a few weeks
of flowback until stabilized hydrocarbon production occurs.
The Company also announces that the Hartgraves 1-6H well
continues to perform well, with production rates staying above both
the proved undeveloped and the probable case type curves used to
estimate the reserves attributed to the Company's Tishomingo
Field. For the last 20 days, the well has averaged over 400
barrels of oil equivalent per day, of which over 80 percent is
oil.
About BNK Petroleum Inc.
BNK Petroleum Inc. is an international oil and gas exploration
and production company focused on finding and exploiting large,
predominately unconventional oil and gas resource plays. Through
its subsidiaries, the Company owns and operates shale oil and gas
properties in the United States.
Additionally, the Company is utilizing its technical and
operational expertise to identify and acquire additional
unconventional projects. The Company's shares are traded on the
Toronto Stock Exchange under the stock symbol BKX and on the OTCQB
under the stock symbol BNKPF.
Cautionary Statements
In this news release and the Company's other public disclosure:
The references to barrels of oil equivalent ("Boes") reflect
natural gas, natural gas liquids and 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. Given that the value ratio based
on the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of 6:1,
utilizing a conversion on a 6:1 basis may be misleading as an
indication of value. Possible reserves are those
additional reserves that are less certain to be recovered than
probable reserves. There is a 10% probability that the quantities
actually recovered will equal or exceed the sum of proved plus
probable plus possible reserves. Readers should be
aware that references to initial production rates and other
short-term production rates are preliminary in nature and are not
necessarily indicative of long-term performance or of ultimate
recovery. Readers are referred to the full description
of the results of the Company's December 31,
2016 independent reserves evaluation and other oil and gas
information contained in its Form 51-101F1 Statement of Reserves
Data and Other Oil and Gas Information for the year ended
December 31, 2016, which the Company
filed on SEDAR on
March 23, 2017.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws, including statements regarding the
timing of and expected results from planned Caney wells
development. Forward-looking information is based on
plans and estimates of management and interpretations of data by
the Company's technical team at the date the data is provided and
is subject to several factors and assumptions of management,
including that that indications of early results are reasonably
accurate predictors of the prospectiveness of the shale intervals,
that required regulatory approvals will be available when required,
that no unforeseen delays, unexpected geological or other effects,
including flooding and extended interruptions due to inclement or
hazardous weather conditions, equipment failures, permitting delays
or labor or contract disputes are encountered, that the development
plans of the Company and its co-venturers will not change, that the
offset operator's operations will proceed as expected by
management, that the demand for oil and gas will be sustained, that
the Company will continue to be able to access sufficient capital
through financings, farm-ins or other participation arrangements to
maintain its projects, and that global economic conditions will not
deteriorate in a manner that has an adverse impact on the Company's
business, its ability to advance its business strategy and the
industry as a whole. Forward-looking information is
subject to a variety of risks and uncertainties and other factors
that could cause plans, estimates and actual results to vary
materially from those projected in such forward-looking
information. Factors that could cause the
forward-looking information in this news release to change or to be
inaccurate include, but are not limited to, the risk that any of
the assumptions on which such forward looking information is based
vary or prove to be invalid, including that the Company or its
subsidiaries is not able for any reason to obtain and provide the
information necessary to secure required approvals or that required
regulatory approvals are otherwise not available when required,
that unexpected geological results are encountered, that equipment
failures, permitting delays or labor or contract disputes or
shortages are encountered, 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 and development projects or capital expenditures;
the uncertainty of reserve and resource estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks, including flooding and extended interruptions
due to inclement or hazardous weather conditions), that the offset
operator's operations have unexpected adverse effects on the
Company's operations, that completion techniques require further
optimization, that production rates do not match the Company's
assumptions, that very low or no production rates are achieved,
that the Company is unable to access required capital, that
occurrences such as those that are assumed will not occur, do in
fact occur, and those conditions that are assumed will continue or
improve, do not continue or improve, and the other risks and
uncertainties applicable to exploration and development activities
and the Company's business as set forth in the Company's management
discussion and analysis and its annual information form, both of
which are available for viewing under the Company's profile at
http://www.sedar.com, any of which could result in
delays, cessation in planned work or loss of one or more
concessions and have an adverse effect on the Company and its
financial condition. The Company undertakes no obligation to update
these forward-looking statements, other than as required by
applicable law.
Website: http://www.bnkpetroleum.com
Wolf E. Regener
+1(805)484-3613
Email: investorrelations@bnkpetroleum.com