CAMARILLO, CALIFORNIA, April 3, 2018– BNK Petroleum Inc. (the “Company”) (TSX: BKX) is pleased to to announce that the Glenn 16-2H well (100% working interest) averaged over 610 Barrels of oil equivalent per day (BOEPD), of which 528 barrels are oil, for the last 8 days, while still producing back completion fluid. The production from the well, which is located in BNK’s Tishomingo field, in the SCOOP region of Oklahoma, is currently producing over 630 BOEPD, of which 535 barrels are oil (85%), while still cleaning up fracture stimulation fluid.
Commenting on the announcement, Wolf Regener, President and CEO, said:
“The Glenn 16-2H well had 4,950 feet of lateral stimulated with our latest generation frack design, utilizing cutting edge friction reducers. The flowback is exceeding our expectations. If the production follows a similar decline profile to some of our other wells, then it should have an excellent 30-day initial production (IP) rate, and we expect it to be well over the probable type curve.
“The Glenn 16-2H well was identified as a probable location on our year end 2017 NI 51-101 reserve report. This well once again demonstrates the excellent production that is achievable in our field. As previously disclosed, the total cost of the Glenn well was less than our targeted U.S.$5.7 million budget, thanks to the outstanding execution by our operations team.
“At the current price of oil at over U.S.$63 a barrel, our incremental netbacks for this well are estimated to be over U.S.$34 a barrel which helps further increase our cash flow and continues validating the repeatability of our results.”