BNK Petroleum Inc. Announces Increase in Available Credit Under Reserve Based Facility
Camarillo, California, November 11 (ots/PRNewswire)
BNK Petroleum Inc. (the "Company") announced today that BNK Petroleum (US) Inc.'s Credit Facility has been amended to increase the amount of credit available under the borrowing base to US$23.8 million from US$20 million. The Bank of Oklahoma N.A. is providing this additional credit line of US$3.8 million. As previously announced on October 25, 2010, Amegy Bank of Texas and its affiliate Vectra Bank Colorado advanced the Company US$20 million against its US$20 million credit line. The Company has no current plans to utilize this additional US$3.8 million in available credit. BNK Petroleum (US) Inc. is the Company's indirect wholly-owned subsidiary which holds its US oil and gas interests.
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 to not use the additional available credit. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management, including that the Company's financial condition and development plans 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 the Company's financial condition and development plans will change. 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 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. Through various affiliates and subsidiaries, the Company owns and operates shale gas properties and concessions in the United States, Poland 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.
For further information:
Wolf E. Regener, President and Chief +1-805-484-3613
Executive Officer
Email: investorrelations@bnkpetroleum.com
Website: http://www.bnkpetroleum.comContact:
CONTACT: For further information: Wolf E. Regener, President and
Chief,Executive Officer, +1-805-484-3613,
Email:investorrelations@bnkpetroleum.com