Business
BNK Petroleum Inc.'s acreage in Europe increases to 3.5 million
BNK Petroleum Inc.'s acreage in Europe increases to 3.5 million
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\n May 19, 2010 (Canada NewsWire Group) -- BNK Petroleum Inc. (the "Company") (TSX: BKX) announces that it has been awarded a further concession totalling approximately 840,000 acres in Western Europe. The new concession is located in Saxony-Anhalt, Germany and brings the Company's total acreage in Europe to 3.9 million gross (3.5 million net) acres in a total of 4 basins, and in Germany to 2.4 million acres (gross and net) in 3 basins.\nThe new concession and the Company's other concessions in the North Rhine-Westphalia, Thuringia and Lower Saxony regions of Germany were acquired for their multiple prospective shale gas targets as well as, in some instances, for secondary targets of Coal Bed methane and tight gas sands. This latest concession contains certain minimum requirements which must be fulfilled by BNK to retain its interest. Some of the more significant minimum requirements consist of conducting geological work in the first year, acquiring seismic in the second year, drilling one vertical well in both years three and four, and the drilling of one horizontal well in year five within each concession area.\nThe Company continues to await the potential grant of other concessions that it has applied for and it also continues to apply for additional concessions.\nBNK Petroleum Inc. also announces today that it has paid off the remaining $2.8 million subordinated debt that it owed to Bankers Petroleum Ltd.\n\nCaution Regarding Forward-Looking Information\n\nCertain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws, including information regarding the Company's intention to acquire additional concessions. Forward looking information is based on plans and estimates of management at the date the information is provided and certain assumptions (including that the required capital and approvals will be available when required) and is subject to a variety of risks and uncertainties and other factors that could cause plans and estimates to change materially from those projected in the forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to: the risks related to international operations and doing business i...