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BNK Petroleum Inc. Announces Borrowing Base Redetermination
BNK Petroleum Inc. Announces Borrowing Base Redetermination Canada NewsWire CAMA...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\nBNK Petroleum Inc. Announces Borrowing Base Redetermination\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\n\nCanada NewsWire\nCAMARILLO, CA, April 7, 2020\n\n\n\nTSX ticker symbol; BKX OTCQX ticker symbol; BNKPF \n CAMARILLO, CA, April 7, 2020 /CNW/ - BNK Petroleum Inc. (the \"BNK\") (TSX: BKX) announces that its indirect wholly owned subsidiary BNK Petroleum (US) Inc. (\"BNK US\") has received its bank borrowing base redetermination on its revolving line of credit (\"credit facility\") from BOK Financial (\"BOKF\"), which has lowered the borrowing base to $23.5 million.  \nConcurrent with the redetermination, BNK made a $3 million principal payment on its line of credit, reducing the outstanding amount to $23.5 million, and has agreed to make future principal payments to further reduce the borrowing base to $21.0 million by November 2020.\nWolf Regener, President and CEO commented. \"At an assumed oil price range of $22/bbl to $35/bbl, we expect adjusted funds flow of between $5.7 million and $6.5 million in 2020 due to our strong hedge position and low decline rates on our existing production.  The Company's cash on hand, which totaled $3.1 million at December 31, 2019, and its 2020 adjusted funds flow, are expected to fund all of these principal payments to the bank.  In addition, BNK has approximately 37 percent of its forecasted oil production hedged at $52.66/bbl for 2021.\"\nAll figures are in U.S. dollars.\nAbout BNK Petroleum Inc.\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. 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 and on the OTCQB under the stock symbol BNKPF.\nNON-GA...