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BNK Petroleum Inc. announces 2013 year-end reserves
CAMARILLO, CA , March 3, 2014 /CNW/ - BNK Petroleum Inc. (the " Company " or " BNK ") (T...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\nCAMARILLO, CA, March 3, 2014 /CNW/ - BNK Petroleum Inc. (the \"Company\" or \"BNK\") (TSX: BKX) is providing the results of its December 31, 2013\n independent reserves evaluation.\n\n\nThe evaluation of the Company's reserves in the Caney / Upper Sycamore\n formations of the Tishomingo Field in Oklahoma was conducted by\n Netherland, Sewell and Associates, Inc. (\"NSAI\") in accordance with\n National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.\n\n\n2013 Gross Reserves Summary\n\n\n\nTotal Proved Reserves: 4 million Barrels of oil equivalents (BOEs)\n\n\nProved & Probable Reserves: 15.5 million BOEs\n\n\nProved, Probable and Possible Reserves: 40.9 million BOEs\n\n\n\nNet Present Value of Future Net Revenue (before tax, discounted at 10%)\n\n\n\nTotal Proved Reserves: U.S.$71 million\n\n\nProved & Probable Reserves: U.S.$286 million\n\n\nProved, Probable and Possible Reserves: U.S.$847 million\n\n\n\nThese reserves estimates are attributed to the 6 wells already drilled\n and the assumed drilling of 29 net additional wells for the Proved and\n Probable reserves and 25 net wells for the Possible reserves at 160\n acre spacing (4 wells per section) over the next 4 years.  The reserves\n are allocated to approximately 9,200 net acres in the Company's\n westerly acreage. This is approximately 63% of the Company's 14,700 net\n acres in the Tishomingo Field.  Based on data from the Company's\n historical drilling in the deeper Woodford formation correlated with a\n 3D seismic survey across its entire Tishomingo acreage, the Company\n anticipates that future wells on its easterly acreage will confirm\n reserves over its entire acreage.  The Company also believes that\n future well locations will ultimately be able to be further downspaced\n to increase recoverable reserves.\n\n\n\n\n\n\n\n \n\n\n\n\nSummary of Oil & Gas Reserves\n\n\n\n\nForecast Prices & Costs\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\n \n\n\n \n\n\nLight & Medium Oil\n\n\n \n\n\nNatural Gas\n\n\n \n\n\nNatural Gas Liquids\n\n\n \n\n\nMBOE's\n\n\n\n\nReserve Category\n\n\n \n\n\nBNK Gross\n(Mbbl)\n\n\n \n\n\nNet (Mbbl)\n\n\n \n\n\nBNK Gross\n(MMc...