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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
General Manager of Poland
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. 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.

BNK Petroleum Inc. Announces Operations Update

BNK Petroleum Inc. is providing an update on its Tishomingo Field, Caney oil shale operations in Oklahoma as well as its Polish shale gas project. Oklahoma - Tishomingo Field: the company is currently flowing back the Wiggins 11-2H well following its recent hydraulic fracturing treatment. During this flowback, the Wiggins 11-2H had a 48 hour initial production rate of 550 barrels of oil equivalent per day (BOEPD), of which 355 barrels were oil. Preliminary data indicates that its production rate is similar to other Caney wells drilled by BNK, in particular the Wiggins 12-8H and Barnes 7-2H wells. An artificial lift system was recently run into the well and is currently being optimised. The Hartgraves 1-5H well has been drilled and casing has been run and cemented in place. The well has approximately 4,900 feet of lateral available for fracture stimulation, which is scheduled to begin next week. The Company continues to refine what it believes is the most productive stratigraphic interval and is utilizing improved geosteering tools to place the lateral in this interval. To reduce drilling and completion costs and attempt to enhance the productivity of the wells, the Company has been integrating the geology, 3D seismic, core results and advanced logging while drilling techniques. The drilling rig is mobilizing to the Emery 17-1H location. After drilling the Emery 17-1H well, the Company's net Caney acreage will have increased to about 15,900 acres. Gapowo B-1 well - Poland: the downhole pressure gauges that were put into the Gapowo B-1 well are planned to be recovered this week.


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