TSX ticker symbol; BKX – CAMARILLO, CA, Jan. 17, 2017 /PRNewswire/ – BNK Petroleum Inc. (the “Company“) (TSX: BKX) is pleased to announce that it has successfully finished drilling the first well of its 2017 drilling program, the Chandler 8-6H well, in the Company’s Tishomingo Field, Oklahoma.
The Chandler 8-6H well, in which the Company has a 99.9% working interest, has been successfully drilled and cased. The well was drilled under-budget and the entire lateral has been placed on target, within the preferred sub-interval of the Caney formation. As anticipated, strong oil and gas shows were recorded while drilling, which are comparable to some of the Company’s best producing wells to date.
The Company is scheduled to begin fracture stimulation operations late next week. Once the stimulation operations are complete the Company will immediately begin flowing back the well and put it on production.
The drilling rig will be rigging down over the next few days and then moving to the next location to drill the Hartgraves 1-6H well (100% working interest).
Wolf Regener, President and CEO, commented “I am very pleased that we were able to drill this well safely and under-budget, and that the oil and gas shows look so strong. This result is a testament to the excellent team that we have in place. We are looking forward to completing this well and to drilling and completing our next planned wells, which are also in areas that are geologically comparable to some of our best performing wells. We expect this drilling program to significantly increase our already positive cash flow, as well as prove up additional reserves.”
The Company plans to restart the Company’s three previously announced shut-in wells over the next week as the offset operator has completed its fracture stimulations. The four non-operated Woodford wells in which the Company has a 5% working interest are also expected to be on production shortly.
About BNK Petroleum Inc.
BNK Petroleum Inc. is an international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays. Through various affiliates and subsidiaries, the Company owns and operates shale oil and gas properties and concessions in the United States. Additionally, the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects. The Company’s shares are traded on the Toronto Stock Exchange under the stock symbol BKX.