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BNK Petroleum Inc. 2008 reserves report
CALGARY, March 30 /CNW/ - BNK Petroleum Inc. ("BNK" TSX: BKX) is pleased to announce the results ...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\nCALGARY, March 30 /CNW/ - BNK Petroleum Inc. ("BNK" TSX: BKX) is pleased\nto announce the results of its December 31, 2008, independent reserves\nevaluation. The evaluation of the Company's Tishomingo Field in Oklahoma was\nconducted by MHA Petroleum Consultants, Inc. ("MHA") and was prepared in\naccordance with National Instrument 51-101 - Standards of Disclosure for Oil\nand Gas Activities. BNK has also completed SEDAR filing of its December 31,\n2008 year end reports related to oil and gas reserves prepared in accordance\nwith NI 51-101. These reports, which can be accessed electronically from the\nSEDAR website at www.sedar.com, include Form 51-101F1 - Statement of Reserves\nData and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves\nData by Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report\nof Management and Directors on Oil and Gas Disclosure.\n\n\n2008 Reserves Summary\n\n- Proved Reserves Increased by 212% to 9.9 million BOE's\n- Proved & Probable Reserves Increased by 74% to 16.6 million BOE's\n\nNet Present Value of Reserves discounted at 10%\n\n- Proved & Probable Reserves before tax of $187.8 million - an increase\n of 106% over last year\n- Proved & Probable Reserves after tax of $124 million - an increase of\n 106% over last year\n\n\nThe above reserves were attributed to the 39 wells that have been drilled\nand 38 additional locations that BNK currently has an interest in. In December\nof 2008 BNK applied for and received approval to drill 3 additional wells in\none of its sections at an 80 acre spacing pattern. An 80 acre spacing pattern\nwould allow for 8 wells per section which could allow for over 340 total gross\nwells for this project.\n\n\nAbout BNK Petroleum Inc.\n\n\nBNK Petroleum Inc. is a California based oil and gas exploration and\nproduction company focused on finding and exploiting large oil and gas\nresource plays. The Company holds an average of 50% interest in the Tishomingo\ngas field in Oklahoma and varied interests and rights in three other areas in\nthe Northern and Central regions of the United States, where it is currently\npursuing the exploration, development and production of shale and tight sand\ngas plays. The Company's shares are traded on the Toronto Stock Exchange under\nthe stock symbol BKX.\n\n\nAll referen...