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BNK Announces Operations Update
Camarillo, California (ots/PRNewswire) - BNK Petroleum Inc. (the "Company" or "BNK") is providing an update on its Tishomingo Field, Caney shale oil operations in Oklahoma.
The Company has been flowing back the Nickel Hill 36-3H and Emery 17-1H wells after fracture stimulating 22 and 12 stages respectively, as previously announced.
Production from the Nickel Hill 36-3H well over the last week averaged about 435 barrels of oil equivalent per day (BOEPD) of which 245 barrels are oil, with the well still cleaning up as the Company restricted the flowback more than normal due to the recent heavy flooding in Oklahoma. The well was drilled in an area of the field that has a more complex localized structure, with the expectation that this would enhance production. It continues to free-flow without an artificial lift and is exhibiting a stronger mix of gas to oil than other Caney wells in this area. The Company believes that some portion of this higher pressured gas is being channeled from a deeper source through a complex fault and fracture system that defines the northern limb of this localized structure. The Company expects the decline rate to be quite shallow as a result of the increased gas with ultimate recovery in line with our type curve.
The Emery 17-1H well has also been flowing back after the Company re-entered the well and stimulated 12 stages. The well's 21-day initial production (IP) rate is about 194 BOEPD, of which 164 barrels are oil, with production over the 21 days declining much less than prior Caney wells.
The Company's current field production is averaging about 1,750 BOEPD and in management's opinion is performing very well. The Company is finalizing drilling and completion cost estimates for three additional wells.
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, Poland and Spain. 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.
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 Caney well completions including plans and anticipated results.
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 anticipated results and estimated costs will not be consistent with managements' expectations, the Company's geological analyses proving to be inaccurate, 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, 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 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.
BOEs/boes (barrels of oil equivalent) 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.
This news release and the Company's other disclosure contains peak and initial production rates and other short-term production rates. Readers are cautioned that initial production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.