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BNK Petroleum Inc. announces operations update
CAMARILLO, CA, July 18, 2013 /CNW/ - BNK Petroleum Inc. (the " Company " or " BNK ") (TSX...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\nCAMARILLO, CA, July 18, 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, through its indirect wholly owned\n subsidiary BNK Petroleum (US) Inc., as well as an update on its Polish\n operations.\n\n\nThe previously announced fracture stimulation of the (Caney) Barnes 6-3H\n well was completed and the well is currently flowing back fracture\n stimulation fluid. While only 11% of the stimulation fluid has been\n recovered to date, the well has begun producing oil.  The oil rates and\n cuts have been increasing daily and yesterday the well made over 120\n BOPD.  The gas lift mechanism in place is being optimized to increase\n the flowback rates from the well.  The Company anticipates that it will\n take another 2 to 3 weeks before enough stimulation fluid has been\n recovered to allow the true initial production rate to be determined. \n As a comparison, the Barnes 6-2H Caney well drilled by the Company in\n 2012 did not begin producing any oil until 23% of the stimulation fluid\n had been recovered.\n\n\nAt the Dunn 2-2H Caney well the rig was released on July 5 and the well\n is currently being fracture stimulated.  It is anticipated that this\n will be finished within the next week after which flowback will be\n started.  The Company anticipates that it will be approximately 4 to 6\n weeks before results will be available.  The drilling rig has since\n moved to the next Caney well location, the Hartgraves 5-3H, with spud\n anticipated within the next 24 hours.\n\n\nThe Company has approximately a 100% working interest in each of the\n three Caney wells referred to above.  As a result of the Company's\n recent operations, the Company's net acreage in the Caney formation in\n the Tishomingo Field has increased from approximately 12,200 acres to\n 13,400 acres.\n\n\nIn Poland, the government has approved a new ordinance which streamlines\n the permitting process to drill wells as deep as 5,000 meters.  The\n ordinance is expected to be put into effect in the next two weeks. \n Once the ordinance is in place, the Company will apply to the Ministry\n of the Environment for the concession modification which would allow\n the drilling of the Gapowo horizontal re-en...