Business
BNK Petroleum Inc. - Operations Update
CAMARILLO, CA , Jan. 15, 2014 /CNW/ - BNK Petroleum Inc. (the " Company " or " BNK ") (T...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\nCAMARILLO, CA, Jan. 15, 2014 /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 as well as its Polish shale gas project.\n\n\nOklahoma - Tishomingo Field\n\n\nBNK's strategy for its 2013 Caney drilling program was to prove the\n productivity of the Caney formation in our Tishomingo field.  The\n Company's efforts were focused on increasing the oil rate of each\n consecutive well, reducing drilling time and cost, testing the optimal\n lateral placement within the formation and optimizing the fracture\n stimulations. These goals have been successfully achieved.\n\n\nRecently, in the Wiggins 12-8H, (96.5% working interest) the Company\n also focused on reducing completion costs by testing various fracture\n stimulation techniques. This work has contributed to a dramatic\n reduction in future estimated completion costs, as discussed below.\n\n\nThe Wiggins 12-8H, while still recovering stimulation fluid from its\n fracture treatment, has been steadily improving, with a recent 24 hour\n production rate of 300 Barrels of oil per day (BOPD) or 420 Barrels of\n oil equivalent per day (BOEPD).  Due to technical issues encountered\n during the drilling of the Wiggins 12-8H and the testing of different\n fracture stimulation techniques, only 2,600 feet of lateral was\n effectively stimulated - approximately half the effective length\n planned in our Caney wells.  Most importantly, on a net stimulated\n stage basis, oil production from this shorter lateral is comparable to\n the production from the Barnes 7-2H well.\n\n\nOur previously completed well, the Barnes 7-2H (98.1% working interest)\n had a 30 day oil rate of 406 BOPD (520 BOEPD) and a 24 hour peak rate\n of 520 BOPD (750 BOEPD).  This was the Company's first well which\n targeted the lower Caney interval and, despite a completion interval\n 15% shorter than previous wells, is producing at higher oil rates and\n significantly slower decline rates than previous wells placed in the\n Transition zone. The Company plans to return to the Barnes 7-2H well to\n stimulate the remaining 15% of the lateral.\n\n\nBNK rig released its Leila 31-2H well (100.0% working interest) in a\n record 17 days and has initiated the fracture stimulation of 7 of the\n 33 p...