BNK Petroleum Inc. completes drilling of Chandler 8-6H well
TSX ticker symbol; BKX
Camarillo, California (ots/PRNewswire)
BNK Petroleum Inc. (the "Company") (TSX: BKX) is pleased to announce that it has successfully finished drilling the first well of its 2017 drilling program, the Chandler 8-6H well, in the Company's Tishomingo Field, Oklahoma.
The Chandler 8-6H well, in which the Company has a 99.9% working interest, has been successfully drilled and cased. The well was drilled under-budget and the entire lateral has been placed on target, within the preferred sub-interval of the Caney formation. As anticipated, strong oil and gas shows were recorded while drilling, which are comparable to some of the Company's best producing wells to date.
The Company is scheduled to begin fracture stimulation operations late next week. Once the stimulation operations are complete the Company will immediately begin flowing back the well and put it on production.
The drilling rig will be rigging down over the next few days and then moving to the next location to drill the Hartgraves 1-6H well (100% working interest).
Wolf Regener, President and CEO, commented "I am very pleased that we were able to drill this well safely and under-budget, and that the oil and gas shows look so strong. This result is a testament to the excellent team that we have in place. We are looking forward to completing this well and to drilling and completing our next planned wells, which are also in areas that are geologically comparable to some of our best performing wells. We expect this drilling program to significantly increase our already positive cash flow, as well as prove up additional reserves."
Operations Update
The Company plans to restart the Company's three previously announced shut-in wells over the next week as the offset operator has completed its fracture stimulations. The four non-operated Woodford wells in which the Company has a 5% working interest are also expected to be on production shortly.
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 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 the timing of and expected results from planned Caney wells development and the timing of production and the performance of planned wells. Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data 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, including flooding and extended interruptions due to inclement or hazardous weather conditions, 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, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), that the offset operator's operations 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 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.
Contact:
Wolf E. Regener, +1 (805) 484-3613, Email:
investorrelations@bnkpetroleum.com, Website: www.bnkpetroleum.com
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