CALGARY, June 29 /CNW/ - BNK Petroleum Inc. (the Company)/(TSX: BKX) is pleased to announce on behalf of its Polish subsidiary, Saponis Investments Sp. z o.o. that it has been awarded three oil and gas exploration concessions in Poland by the Ministry of Environment. The three concessions, Starogard, Slupsk and Slawno, are located in Northern Poland and total about 720,000 acres. BNK has an 80% working interest in each concession, assuming a previously granted right to participate is exercised by a privately owned Delaware company as previously disclosed by BNK on December 3, 2008.
BNK believes that the preliminary data it has analyzed, indicates that the makeup of the some of the shales within its Polish Concessions, are silica rich and appear to have thermal maturities and total organic carbon in a range that could make them successful shale gas projects. Over the coming months, BNK intends to do further work by analyzing cores from previously drilled wells to determine the first well location. BNK intends to drill its first well in 2010. Each concession requires the spudding of a well within 18 months of the concession award date. BNK is entertaining partnerships for the exploration phase of this project.
BNK is also undertaking geologic mapping and data acquisitions in other parts of Europe in order to evaluate additional opportunities.
About BNK Petroleum Inc.
BNK Petroleum Inc. is a California based oil and gas exploration and production company focused on finding and exploiting large oil and gas resource plays. The Company holds an average of 50% interest in the Tishomingo gas field in Oklahoma and varied interests in three other areas in the Northern and Central regions of the United States, where it is currently pursuing the exploration, development and production of shale and tight sand gas plays. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
This document contains certain forward looking statements including statements regarding BNK's working interest in the Polish drilling concessions, the potential for the Polish drilling concessions to be successful shale gas projects, its drilling plans for such concessions and future opportunities for acquisitions of additional oil and gas exploration rights in Europe. Forward looking information is based on management's expectations regarding, among other things, future capital and other expenditures (including the amount, nature and sources of funding thereof), plans for and results of drilling activity, business prospects and opportunities, future royalty rates, commodity prices and foreign exchange rates and future economic conditions and involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), risk associated with equipment procurement and equipment failure, risks related to international operations and doing business in foreign jurisdictions, the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes and risks and uncertainties associated with securing and maintaining the necessary regulatory approvals and financing to proceed with the continued expansion of our various existing and proposed projects. In addition, the current financial crisis has resulted in severe economic uncertainty and resulting illiquidity in credit and capital markets which increases the risk that actual results will vary from forward looking expectations and these variations may be material. These risks and uncertainties are described in detail in BNK's Annual Information Form for the year ended December 31, 2008, which is available at www.sedar.com. The Corporation assumes no obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.