NR: 720,000acres in Poland CALGARY, June 29 /CNW/ - BNK Petroleum Inc. (the Company)/(TSX: BKX) is
pleased to announce on behalf of its Polish subsidiary, Saponis Investments
Sp. z o.o. that it has been awarded three oil and gas exploration concessions
in Poland by the Ministry of Environment. The three concessions, Starogard,
Slupsk and Slawno, are located in Northern Poland and total about 720,000
acres. BNK has an 80% working interest in each concession, assuming a
previously granted right to participate is exercised by a privately owned
Delaware company as previously disclosed by BNK on December 3, 2008.
BNK believes that the preliminary data it has analyzed, indicates that
the makeup of the some of the shales within its Polish Concessions, are silica
rich and appear to have thermal maturities and total organic carbon in a range
that could make them successful shale gas projects. Over the coming months,
BNK intends to do further work by analyzing cores from previously drilled
wells to determine the first well location. BNK intends to drill its first
well in 2010. Each concession requires the spudding of a well within 18 months
of the concession award date. BNK is entertaining partnerships for the
exploration phase of this project.
BNK is also undertaking geologic mapping and data acquisitions in other
parts of Europe in order to evaluate additional opportunities.
About BNK Petroleum Inc.
BNK Petroleum Inc. is a California based oil and gas exploration and
production company focused on finding and exploiting large oil and gas
resource plays. The Company holds an average of 50% interest in the Tishomingo
gas field in Oklahoma and varied interests in three other areas in the
Northern and Central regions of the United States, where it is currently
pursuing the exploration, development and production of shale and tight sand
gas plays. The Company's shares are traded on the Toronto Stock Exchange under
the stock symbol BKX.
This document contains certain forward looking statements including
statements regarding BNK's working interest in the Polish drilling
concessions, the potential for the Polish drilling concessions to be
successful shale gas projects, its drilling plans for such concessions and
future opportunities for acquisitions of additional oil and gas exploration
rights in Europe. Forward looking information is based on management's
expectations regarding, among other things, future capital and other
expenditures (including the amount, nature and sources of funding thereof),
plans for and results of drilling activity, business prospects and
opportunities, future royalty rates, commodity prices and foreign exchange
rates and future economic conditions and involves significant known and
unknown risks and uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not limited
to: the risks associated with the oil and gas industry (e.g., operational
risks in development, exploration and production; delays or changes in plans