Kolibri Global Energy Inc BNKPF

BNK Petroleum Update

[rajm]

For Immediate Release

 

BNK PETROLEUM INC OPERATIONS UPDATE 

 

CAMARILLO, CALIFORNIA, June 4, 2018– BNK Petroleum Inc. (the “Company”) (TSX: BKX) is providing an update on the Glenn 16-2H and WLC 14-1H wells.

 

The Glenn 16-2H well has been producing for over two months and has a 60 day initial production (IP) rate of 594 barrels of oil equivalent per day (BOEPD), with over 500 barrels being oil from its one mile lateral.  The well is currently producing an average of 508 BOEPD of which 414 barrels are oil. This slightly exceeds the possible type curve prepared by our outside reserve evaluators at the end of last year. 

 

The WLC 14-1H well started flowing back but was shut in last week to retrieve a part that was lodged in the lateral and was likely restricting the flowback.  The part has been successfully removed and flowback is expected to resume this week. The start of the 30 day IP rate will begin after the flowback has recommenced.

 

At the current price of oil at over $65 USD a barrel, our incremental netbacks for these wells are estimated to be approximately $35 USD a barrel which represents a substantial contribution to the Company’s cash flow.

[BrokerG]

Well that explains what the delay was. It looks like we will have to wait until July for  the 30 IP flowback. Nothing easy in oil exploration. I wonder if this will also delay the new preferred share issue?

[BrokerG]

Upon further review of the last news release, I am concerned. Nothing is more important than the WLC 14-1H well. This well legitimizes an extension of the field and potentially increases reserves. The well results from WLC 14-H1  may also play a significant role in the new preferred issue.  The reason for my concern is that after 30 days they find the flowback rates low and the excuse

[Calbucin]

Wow that is so well said my friend. This think stinks... Bought some at 0,67 ... Now I am very nervous heheh.

[wittmann]

Lol,broker,you've been concerned about possible negatives for many years.All the way back to doomsday scenarios when we were in the 18 cent range.Now to be clear,I'm not a frack engineer,however I  bet nobody here is...keep in mind that their reasoning for the delay,as such is valid.Otherwise they could just say nothing.As for the volume..I don't read much into that either.I may

[himmler]

There is more selling Broker,no ddoubt.But so far today 60k of a 60 cent stock doesnt say much.Too bad .This stock was always stable ..except until the latest news release.The waiting is the worst.Could just be a few nervous investors bailing with some profits.I'm more concerned seeing selling in the 3-5 hundred 000.So far thats not the case.