Oklahoma-focused BNK Petroleum Inc. (BKX) added one cent to close at 50 cents on 709,800 shares. It has risen steadily from 17 cents since the summer of 2017, when it gained a new insider, a Bermuda fund, Harrington Global. Since then, Harrington has gradually increased its position. Last week, it bought 614,500 shares of BNK in the market at 46.5 cents. It now holds 36.22 million shares or 15.57 per cent.
BNK plans to begin drilling two wells this month at its Tishomingo shale project. To finance the work program, the company has increased the borrowing base on its bank line to $30-million (U.S.) from $25-million (U.S.). BNK produced 1,700 barrels of oil equivalent a day at Tishomingo in October, 2017, up from 1,097 barrels a day in the third quarter of 2017.