BNK Petroleum Inc. (the "Company") (TSX: BKX), provides the following operational update:
Building of the location for the first well on the Trzebielino concession has commenced and drilling is expected to begin by the end of February, 2012. After completion of the first Trzebielino well, the rig is scheduled to move to the first Bytow concession drilling location. The Trzebielino and Bytow concessions are 100% held by Indiana Investments Sp z o.o., a wholly owned indirect subsidiary of the Company. The Company is projecting that these two wells will encounter even richer and thicker organic shales than its Saponis Lebork S-1 well encountered. The Company's technical evaluation indicates that the Ordovician on the Trzebielino and Bytow concessions was deposited in a deeper basin environment than the previously drilled wells. The deeper environment and transgressive nature of the deposit is expected to lead to richer and thicker organic shales. The Company is looking to confirm this with these two wells. Schematics of some of this analysis can be found on the Company's website.
The previously announced 2D seismic program is progressing with approximately 50% of the data acquired. The program consists of about 407 km on the Saponis concessions and 333 km on the Indiana concessions. The objective of the seismic program is to further define basin structure and burial history as well as to aid in the selection of future well locations.
As previously announced the re-stimulation and testing of the Lebork S-1 well is planned for the spring 2012, when temperatures are warmer.
The Company has an indirect approximate 26.7 percent interest in the Starogard, Slupsk and Slawno concessions through Saponis. The remaining ownership is held by Rohöl-Aufsuchungs Aktiengesellschaft ("RAG"), Sorgenia E&P SpA and LNG Energy through its subsidiary.
The Company holds 195,000 net acres in the Baltic Basin of Poland through Saponis and a further 880,000 adjacent net acres through Indiana Investments Sp z o.o., its wholly owned subsidiary which holds the Darlowo, Trzebielino and Bytow concessions.
The Company completed an analysis of the Caney shale formation located in its Tishomingo Field in Oklahoma and recently fracture stimulated the Caney in one of its vertical wells. Initial results are positive, with the well producing over 20 barrels of oil a day. The Company is considering the drilling of a horizontal well in 2012 to further evaluate the Caney's full potential. The Caney, located above the Woodford, ranges from 300 to 350 feet in thickness and is present over all of BNK's acreage in the Tishomingo Field. Economic success in this interval could result in significant oil reserve additions to its Tishomingo field.
The Company has completed an internal reorganization of its European assets. "The restructuring is designed to facilitate efficiencies, management and financing of our core European assets and operations," Chief Executive Officer and President, Wolf E. Regener, recently stated.
Source: BNK Petroleum Inc.
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