Business
BNK Petroleum Inc. announces closing of sale of Woodford assets
TSX ticker symbol; BKX CAMARILLO CA, April 21, 2013 /CNW/ - BNK Petroleum Inc. (the " C...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\n\n\nTSX ticker symbol; BKX\n\n\nCAMARILLO CA, April 21, 2013 /CNW/ - BNK Petroleum Inc. (the \"Company\" or \"BNK\") (TSX: BKX) is pleased to announce that the previously announced sale\n by its indirect wholly owned subsidiary BNK Petroleum (US) Inc. to XTO\n Energy Inc., a subsidiary of Exxon Mobil Corporation, of its Tishomingo\n Field, Oklahoma assets other than the Caney and upper Sycamore\n formations, for US$147.5 million has been closed.\n\n\nThe indebtedness under the Company's credit facility has been paid down\n to $100,000 with the proceeds from the sale, the Company's hedging\n positions have been closed and the balance of the $147.5 million sale\n price less an approximately $400,000 downward price adjustment, has\n been received by the Company.  The Company's credit facility remains in\n place with the intent of creating future borrowing capacity from\n reserves associated with any successful Caney / Upper Sycamore wells in\n the Tishomingo Field.\n\n\nWolf Regener, President and CEO, stated:  \"We are pleased to announce\n the closing of this transaction, which puts us in a strong debt free\n financial position to advance our ongoing exploration and development\n efforts in Oklahoma and Europe.  The sale was structured to preserve\n our rights in the relatively undeveloped Caney and Upper Sycamore\n formations in the Tishomingo Field, which we believe represent a\n promising opportunity to develop new oil reserves and production in an\n area in which we have a successful operating history.  We now look\n forward to the results from our next planned Caney / Upper Sycamore\n wells, one of which is currently being drilled.  We are also making\n progress on obtaining drilling permits in Europe and anticipate being\n able to drill a lateral out of our Gapowo B-1 well in Poland later this\n year.\"\n\n\nUpdate on Caney Development\n\n\nA drilling rig is currently drilling the Company's next Caney well, the\n Barnes 6-3H well. The well has about 1,700 feet of lateral drilled with\n another approximately 3,400 feet of lateral left to drill.  The\n drilling rig has been contracted for two wells with the option for two\n additional wells.\n\n\nChief Financial Officer \n\n\nWarren Nelson has stepped down as Chief Financial Officer of the\n Company.  We wish Warren well in his ...