BNK Petroleum Inc. Announces Commencement of Drilling Operations

Geschrieben am 21-12-2016

Camarillo, California (ots/PRNewswire) -

BNK Petroleum Inc. (the "Company") (TSX: BKX), is pleased to
announce that drilling operations have commenced today on its
Tishomingo Field, Caney oil shale operations in Oklahoma.

The drilling rig contracted by the Company has begun drilling the
Chandler 8-6H Caney shale oil well. Drilling is expected to take
approximately 30 days, after which the rig will immediately move to
the Hartgraves 1-6H location where final preparations are being
completed. The fracture stimulation of the Chandler 8-6H well is
planned to commence after the drilling rig has moved to the
Hartgraves location.

Wolf Regener, President and CEO, commented "We have an excellent
team in place, comprised of our employees, contractors and
consultants, to execute this drilling program and continue our
successful development of the Caney Shale Oil field. The drill sites
we have selected are offsetting some of our best performing wells, in
geologically comparable areas. We expect the wells to significantly
increase our already positive cash flow, as well as prove up
additional reserves."

Operations Update

The Company has shut-in 3 wells due to offset fracture
stimulations being performed by another operator on a number of wells
in the Woodford formation which lies beneath the Caney. The offset
operator's operations are expected to be completed in the next few
weeks at which time the wells will be re-started. The Company does
not expect this to impact the long-term production of the wells going
forward. The four non-operated Woodford wells, in which the Company
has a 5% working interest, have been fracture stimulated by the
offset operator and are also expected to come on production in the
coming weeks.

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 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 the timing
of and expected results from planned Caney wells development, the
re-start and performance of shut-in wells and commencement of
production from non-operated wells. Forward-looking information is
based on plans and estimates of management and interpretations of
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 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, equipment failures, permitting delays or
labor or contract disputes are encountered, 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 or labor or contract disputes or
shortages are encountered, that the the offset operator's operations
take longer than expected or 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 http://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.

Wolf E. Regener +1 (805) 484-3613, Email:
investorrelations@bnkpetroleum.com, Website:

ots Originaltext: BNK Petroleum Inc.
Im Internet recherchierbar: http://www.presseportal.de

Original-Content von: BNK Petroleum Inc., übermittelt durch news aktuell


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