BNK Petroleum Inc. announces debt financing

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[{"type":"text","content":"\n\n\n\nCALGARY, March 3 /CNW/ - BNK Petroleum Inc. (TSX: BKX) is pleased to\nannounce that it has entered into a letter agreement with Wells Fargo Energy\nCapital Inc. for a $50 million senior secured advancing line of credit\nfacility which is expected to close in the next few weeks and will replace\nBNK's existing $7 million facility. The initial borrowing base under the\nfacility is established as $29.5 million. The facility matures in 24 months\nfrom the execution of a credit agreement and bears interest at US base rate\nplus 3% and includes overriding royalties and net profit interests. The\nproceeds from the facility will be used to complete the balance of BNK's wells\nthat have been drilled but not yet fracture stimulated and for working\ncapital.\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":1874,"tagName":"div"}]

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