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BNK Petroleum Inc.'s Acreage in Europe Increases to 3.5 Million
Calgary, May 19, 2010 (ots/PRNewswire) - BNK Petroleum Inc. (the "Company") announces that it has been awarded a further concession totalling approximately 840,000 acres in Western Europe. The new concession is located in Saxony-Anhalt, Germany and brings the Company's total acreage in Europe to 3.9 million gross (3.5 million net) acres in a total of 4 basins, and in Germany to 2.4 million acres (gross and net) in 3 basins.
The new concession and the Company's other concessions in the North Rhine-Westphalia, Thuringia and Lower Saxony regions of Germany were acquired for their multiple prospective shale gas targets as well as, in some instances, for secondary targets of Coal Bed methane and tight gas sands. This latest concession contains certain minimum requirements which must be fulfilled by BNK to retain its interest. Some of the more significant minimum requirements consist of conducting geological work in the first year, acquiring seismic in the second year, drilling one vertical well in both years three and four, and the drilling of one horizontal well in year five within each concession area.
The Company continues to await the potential grant of other concessions that it has applied for and it also continues to apply for additional concessions.
BNK Petroleum Inc. also announces today that it has paid off the remaining $2.8 million subordinated debt that it owed to Bankers Petroleum Ltd.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward- looking statements" as such term is used in applicable Canadian securities laws, including information regarding the Company's intention to acquire additional concessions. Forward looking information is based on plans and estimates of management at the date the information is provided and certain assumptions (including that the required capital and approvals will be available when required) and is subject to a variety of risks and uncertainties and other factors that could cause plans and estimates to change materially from those projected in the 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 risks related to international operations and doing business in foreign jurisdictions, including governmental policies regarding awarding of concessions, risks associated with the oil and gas industry and exploratory activities generally, (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; risks associated with equipment procurement and equipment failure, the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes and risks and uncertainties associated with securing and maintaining necessary regulatory approvals.
About BNK Petroleum Inc.
BNK Petroleum Inc. is a U.S. based international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays. The Company holds and operates shale gas wells in the United States. Additionally the Company is utilizing its technical and operational expertise to identify and acquire unconventional projects outside of North America. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
ots Originaltext: BNK Petroleum Inc
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