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BNK Petroleum Inc. announces Caney operations update
CAMARILLO, CA , Oct. 2, 2013 /CNW/ - BNK Petroleum Inc. (the " Company " or " BNK ") (TS...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\nCAMARILLO, CA, Oct. 2, 2013 /CNW/ - BNK Petroleum Inc. (the \"Company\" or \"BNK\") (TSX: BKX), is providing an update on its Tishomingo Field, Caney oil\n shale operations in Oklahoma.\n\n\nThe Company's Hartgraves 5-3H Caney well was successfully fracture\n stimulated in September and, while it is early in the flowback phase,\n the well has, over the last 4 days, averaged 1,200 barrels of oil\n equivalent per day (boepd) of which 585 barrels a day is oil.  The\n early production from this well is more constant and twice as good as\n the best and previously drilled and fracture stimulated Caney well, the\n Dunn 2-2H.\n\n\nThe Dunn 2-2H well had a 24 hour peak rate of 620 BOEPD of which 300\n barrels was oil.  The 30 day initial production (IP) rate for this well\n is 420 BOEPD of which 195 barrels is oil.  The Barnes 6-3H well, where\n only 11 out of 17 stages were fracture stimulated, had a 30 day IP rate\n of 200 BOEPD of which 93 barrels was oil.\n\n\nThe Company believes that the improved production achieved in each\n successive Caney well is entirely the result of continuous improvements\n in frac design as geologically no significant variations can be\n observed.  The Company believes that the latest design used in the\n Hartgraves 5-3H well, will also reduce the initial production decline\n and increase overall recoveries by accessing a much larger part of the\n oil shale near the lateral.  The estimated cost to drill and complete\n the current set of new Caney wells is approximately $11 million per\n well. It is anticipated that with further design optimization and a\n continuous drilling and stimulation program, these costs can eventually\n be reduced to between $7 and $9 million per well.\n\n\nThe Company's latest Caney well, the Barnes 7-2H, has been vertically\n drilled and whole core and a full suite of open hole logs were taken\n through the Caney, T-zone and Upper Sycamore formations.  This data was\n acquired to further understand the reservoir, optimize drilling and\n fracture stimulation designs, prepare the development program, support\n reserves estimates and aid in the end of year reserves report. \n Subsequently, the well was plugged back and is currently drilling the\n lateral portion of the horizontal leg.  It is anticipated that fracture\n stimulation o...