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Volume 426.5K
As of 5:00 PM 12/17/14 All times are local (Market data is delayed by at least 15 minutes).

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bnk petroleum inc (BKX) Details

BNK Petroleum Inc., an international energy company, focuses on the acquisition, exploration, development, production, and marketing of unconventional oil and gas resource plays in the United States and Europe. The company produces crude oil, natural gas, and natural gas liquids. It holds working interests in approximately 14,700 net acres of shale oil acreage in the Caney/Upper Sycamore formations of the Tishomingo Field, Oklahoma; 2,779 net acres of land in the Palo Duro basin, Texas; 12,500 net acres in the Appalachian basin, New York; and 756 net acres in the Black Warrior basin, Alabama. The company also holds interests in the Slawno, Slupsk, Starogard, Bytow, and Trzebielino concessions in Poland; and Sedano, Urraca, and Arquetu concessions in Spain. As at December 31, 2013, it had proved plus probable gross reserves of approximately 15.5 million barrels of oil equivalent (Boe); and proved plus probable plus possible gross reserves of approximately 40.9 million Boe. BNK Petroleum Inc. was incorporated in 2008 and is headquartered in Camarillo, California.

Founded in 2008

bnk petroleum inc (BKX) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $354.7K
Chief Financial Officer and Vice President
Total Annual Compensation: $214.0K
Vice-President of European Operations
Total Annual Compensation: $254.5K
Vice President of Exploration
Total Annual Compensation: $231.5K
Compensation as of Fiscal Year 2013.

bnk petroleum inc (BKX) Key Developments

BNK Petroleum Inc. Announces Unaudited Consolidated Financial and Production Results for the Third Quarter and Nine Months Ended September 30, 2014

BNK Petroleum Inc. announced unaudited consolidated financial and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported oil and natural gas revenue of $5,542 million against $1,960 million a year ago. Net loss and comprehensive loss was $0.299 million or $0.00 per diluted share against $2.445 million or $0.02 per diluted share a year ago. Cash flow from operating activities was $2.9 million for the third quarter of 2014 compared to negative cash flow from operating activities of $0.3 million in the third quarter of 2013. Capital expenditures decreased from $34.9 million in the third quarter 2013 to $22.1 million in the third quarter 2014 due to the prior year drilling program in the US. For the nine months, the company reported oil and natural gas revenue of $17,286 million against $17,668 million a year ago. Net income and comprehensive income was $0.150 million or $0.00 per diluted share against net loss and comprehensive loss of $8.694 million or $0.06 per diluted share a year ago. For the first nine months of 2014, the company generated positive cash flow from operations of $8.2 million compared to negative operating cash flow of $8.9 million in the same period of 2013. Capital expenditures was $57.746 million against $45.270 million a year ago. For the quarter, the company had average natural gas production of 1,024 mcf/d against 329 mcf/d a year ago. Average NGL production was 127 Boepd against 70 Boepd a year ago. Average oil production was 673 Bopd against 177 Bopd a year ago. For the nine months, the company had average natural gas production of 906 mcf/d against 1,714 mcf/d a year ago. Average NGL production was 144 Boepd against 287 Boepd a year ago. Average oil production was 682 Bopd against 170 Bopd a year ago.

BNK Petroleum Inc. Provides Update on Tishomingo Field, Caney Shale Oil Operations in Oklahoma and on its Polish Shale Gas Project

BNK Petroleum Inc. is providing an update on its Tishomingo Field, Caney shale oil operations in Oklahoma as well as its Polish shale gas project. The company's latest Caney shale oil well, the Hartgraves 1-5H well (100% interest) is flowing back after being completed with the company's hydraulic stimulation to date. Over the last 5 days the well has been flowing at an average restricted production rate of 620 barrels of oil equivalent per day (BOEPD) of which 424 barrels are oil. The well began making oil about 10 days ago and averaged over 520 BOEPD during the last 10 days while cleaning up and improving to the current 620 BOEPD rate. The initial rates and flowing pressures indicate the Hartgraves 1-5H should be one of BNK's best Caney wells to date. The previously drilled and completed Wiggins 11-2H well (93.4% interest), had an initial 30 day production rate of 323 BOEPD, of which 202 barrels were oil. The well had a steeper than average decline in the first few weeks following which the rate of decline slowed significantly. The company attributes this steeper decline to a number of items that were modified in the Hartgraves 1-5H well, including refinement in lateral placement, completion design as well as flowback procedures. The drilling rig is currently drilling the lateral in the Emery 17-1H well which should be completed and flowing back in November. The company's production in the third quarter, which only included about 30 days of Wiggins 11-2H production and no Hartgraves 1-5H production, averaged 971 BOEPD. The Company's September production averaged 1,087 BOEPD.

BNK Petroleum Inc. Appoints Ray W. Payne as Vice President, U.S. Operations

BNK Petroleum Inc. announced that Ray W. Payne has joined the Company as Vice President U.S. Operations. Payne has extensive unconventional experience and has held various engineering and management positions in North, South and East Texas, North Louisiana, the Permian Basin, the Rocky Mountain Regions as well as offshore Gulf of Mexico. He has held senior-level positions with large U.S. independents including Marathon Oil, Devon Energy and El Paso where he oversaw the drilling of thousands of wells, and developed some of the world's larger resource plays. Mr. Payne's most recent position was with Marathon Oil where as Manager Drilling and Operations he developed Marathon's South Texas Eagle Ford shale asset, which in only two years added more than a billion barrels of reserves.


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