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BNK Petroleum Inc. Announces new Acreage in Spain
Camarillo, California (ots/PRNewswire) - BNK Petroleum Inc. (the "Company") announced today that its wholly owned subsidiary Trofagas Hidrocarburos, S.L., has been awarded an oil and gas concession totalling approximately 234,000 acres located mainly in the autonomous community of Castile and Leon, Spain. This concession brings the Company's total acreage in Europe to about 3.8 million net acres in 5 separate basins.
Located in the Cantabrian basin of Spain, the concession has been acquired principally for shale gas targets but also has some conventional oil and gas potential. The primary target is a Jurassic-aged shale, which based on available information ranges, in the most prospective areas, from 100 to over 200 meters in gross thickness at depths of about 2,500 to 4,500 meters. The structure and stratigraphy are defined by numerous existing 2D seismic lines and dozens of wells which were drilled by other operators. Most of the previously drilled wells had oil and/or gas shows in the shale interval as well as in fractured carbonates both above and below the shale. These fractured carbonates are the conventional targets.
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 geological work in the first year, drilling two wells each in year's two, three and four and three wells in year five.
The Company on behalf of Saponis Investments Sp. z o.o., announced today that it has commenced completion operations on the Lebork S-1 well which entails rigging up equipment, cleaning out the wellbore and performing formation evaluation tests prior to fracture stimulations.
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 timing of test results at Lebork S-1. Forward-looking information is based on plans and estimates of management at the date the information is provided and is subject to certain 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 as well as that the Company's financial condition and the development plans of the Company and its co-venturers will not change. 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 occurrences such as those referred to above may occur and result in delays, or cessation in planned work, and that the Company's financial condition and the development plans of the Company or the other participants in the Lebork S-1 well will change as well as the other risks and uncertainties applicable to exploration activities 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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