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BNK announces Polish concession relinquishment
BNK announces Polish concession relinquishment BNK announces Polish concession rel...
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[{"type":"text","content":"\n\n\n\nBNK announces Polish concession relinquishment\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBNK announces Polish concession relinquishment\nCanada NewsWire\nCAMARILLO, CA, Feb. 28, 2016\n\n\n\n\n \n\nTSX ticker symbol; BKX\n\n \n\n\n\nCAMARILLO, CA, Feb. 28, 2016 /CNW/ - BNK Petroleum Inc. (the \"Company\" or \"BNK\") (TSX: BKX) announces that it has filed the paperwork necessary to relinquish the Slupsk concession in the Baltic Basin of Poland and intends to shutdown all operations in Poland.  \n\nThe Company's efforts to find a joint venture partner for the Slupsk concession were extensive but unsuccessful, and the relinquishment of the concession and shut down of the Company's remaining operations in Poland is consistent with the Company's other cost reduction measures.  The discontinuation of the Company's operations in Poland, which cost about US$1.7 million last year, is expected to result in significant savings after accounting for shut-down costs.\n\nWolf Regener, President and Chief Executive Officer, commented \"In this difficult oil and gas price environment, the closing of our Polish operations considerably adds to our cost reduction efforts. We will continue to focus on our Tishomingo Field, Oklahoma asset, which we believe has great potential and where our existing hedging provides significant additional operating cash flow through 2018 when oil prices are low.  We also will continue our efforts to identify new opportunities in the U.S. and internationally.\"\n\nThe Company plans to release its fourth quarter and full-year 2015 financial and operational results as well as the annual Reserve Report on Thursday, March 10, 2016 after market close.\n\nAbout BNK Petroleum Inc.\n\nBNK 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 and Spain. Additionally the ...