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BNK Petroleum Inc. Announces German Fractured Carbonate Project
Camarillo, California (ots/PRNewswire) - TSX ticker symbol; BKX
BNK Petroleum Inc. (the "Company") announced today that it has been awarded the Weinbergen Oil and Gas Concession totalling approximately 535,000 acres in Thuringia, Germany. This concession brings the Company's total acreage in Europe to approximately 4.4 million net acres, in 5 separate basins.
Located in the Thuringian basin of Germany, the Weinbergen concession, along with the previously awarded Seeadler and Steinadler concessions, target a fractured carbonate play within a proven hydrocarbon system. This project has the potential for wet gas as well as liquids rich production. The Carbonates are in direct contact with an organically rich shale, which is the source rock. There are vintage fields within the concession boundaries that produced both oil and gas. Other operators in Germany and elsewhere in Europe are pursuing similar play concepts.
Similar to the prolific Austin Chalk play in the United States, the Company believes that these naturally fractured carbonate reservoirs can best be developed by using technologically advanced conventional horizontal drilling and completion techniques. This type of well provides contact with a greater number of hydrocarbon bearing fractures, resulting in better well productivity and significantly reduces the number of wells needed to develop the resource, thereby minimizing the operational surface area utilized.
The concession terms include certain minimum requirements, which must be fulfilled by BNK to retain its interest. The more significant minimum requirements include the requirement to conduct geologic work in the 1st year, acquire 2D seismic in the 2nd year, drill a vertical well in years 3 and 4 and drill a horizontal well in year 5.
In Poland, as previously announced, a drilling rig has been contracted to begin drilling the first of three wells on the Company's Indiana concession blocks. Lease construction is scheduled to begin in January 2012 and the drilling rig is expected to mobilize to the first location in late February to early March. The Company is also in the process of applying for approval to drill horizontal wells on its concessions.
The previously announced 2D seismic program is progressing with approximately 35% of the data already acquired. Approximately sixty percent of the acquired lines are currently being processed and we anticipate receiving that data by year-end. The program consists of about 407 km on the Saponis concessions and 333 km on the Indiana concessions. The objective of the seismic program is to further define basin structure and burial history as well as to aid in the selection of individual well locations.
BNK Petroleum plans to appoint a financial advisory firm by year-end, to assist in the evaluation of farm-in inquiries received on a number the Company's wholly owned European projects. Consistent with its business strategy, the Company's objective is to create synergies for the development of the Company's European projects through its selection of farm-in partners.
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 information regarding the Company's current plans and expectations regarding the amenability of the carbonate fractured formations to development by certain techniques, minimum commitments for the Weinbergen concession, timing of commencement of drilling the first well on its Indiana concessions, planned exploration programs, including seismic acquisition and expected timing of completion and results of data processing, the anticipated appointment of financial advisors and the Company's objectives in respect of farm-ins on its projects. Forward-looking information is based on plans and estimates of management and interpretations of early exploration information by the Company's exploration team at the date the information is provided and is subject to several factors and assumptions of management, including that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, labor or contract disputes are encountered, that the Company's financial condition and the development plans of the Company and its co-venturers will not change, 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 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 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, 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. These risks as well as the other risks and uncertainties applicable to exploration 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. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
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 gas properties and concessions in the United States, Poland, Spain and Germany. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects outside of North America. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
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