BNK Petroleum Inc. announces closing of debt financing

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[{"type":"text","content":"\n\n\n\nCALGARY, April 23 /CNW/ - BNK Petroleum Inc. (the Company)/(TSX: BKX) is\npleased to announce that it has closed its previously announced $50 million\nsenior advancing line of credit facility (Facility) with Wells Fargo Energy\nCapital, Inc. The Facility, which will replace BNK's existing $7 million\ncredit line, has an initial borrowing base of $29.5 million. The Facility,\nwhich is secured by the Company's properties in the Tishomingo Field,\nOklahoma, matures in 24 months and bears interest at US base rate plus 3% and\nincludes overriding royalties and net profit interests. The proceeds from the\nFacility will be used for working capital and to complete the balance of BNK's\nwells that have been drilled but not yet fracture stimulated.\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 in three other areas in the\nNorthern 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\nThis document contains certain forward looking statements which involve\nknown and unknown risks, delays and uncertainties not under the company's\ncontrol which may cause actual results, performance or achievements of the\ncompany to be materially different from the results, performance or\nexpectation implied by these forward looking statements.\n\n\nThe TSX does not accept responsibility for the adequacy or accuracy of\nthis news release.\n\n\n","length":1866,"tagName":"div"}]

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