CAMARILLO, CA, March 19, 2018
/PRNewswire/ - BNK Petroleum Inc. (the "Company")
(TSX: BKX) is pleased to announce that the Company has
finished the fracture stimulation of the Glenn 16-2H well in
the Company's Tishomingo Field located in the SCOOP area of
Oklahoma.
The Glenn 16-2H well was fracture stimulated with 10.7 million
pounds of proppant and had 33 stages successfully stimulated.
Flowback is expected later this week after the plugs have been
drilled out and the completion string is run. Production
rates will be announced once stabilized rates have been obtained.
Wolf Regener, President and CEO
commented "Our team continued its exceptional execution with the
Glenn 16-2H well fracture stimulation. With
33 stages successfully stimulated, and hydrocarbon shows
recorded while drilling that look comparable to our best wells, we
are looking forward to the flowback and production results.
In addition, total cost for the well is projected to be less than
the targeted $5.7 million budget and
we expect the same for the WLC 14-2H well. We believe this
well will continue to demonstrate the repeatability of our results
and increase our reserves and cash flow."
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 various affiliates and subsidiaries, the Company
owns and operates shale oil and gas properties and concessions 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 OTCQX under the stock symbol
BNKPF.
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 and the Company's plans and objectives.
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 necessary
labor and equipment will be obtained, 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, labor or contract disputes
or shortages of equipment or labor 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 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.
SOURCE BNK Petroleum Inc.