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Last updated on April 16, 2014 at 5:31 EDT

BNK Petroleum Inc. provides Poland and U.S. update

September 16, 2012

CAMARILLO, CA, Sept. 16, 2012 /PRNewswire/ – BNK Petroleum Inc. (the “Company“) (TSX: BKX) provides the following update on its operations in Poland
and Oklahoma.

Poland

The Miszewo T-1 well, on the Trzebielino Concession in Poland held by
the Company’s 100% owned subsidiary, Indiana Investments Sp. z o.o.
(“Indiana”), has been drilled to a depth of approximately 5,400 meters.
Muted gas shows were recorded while drilling and coring in the target
intervals of the well.  A full suite of wireline logs were run which
suggest that the facies of the target intervals have changed due to a
different depositional environment likely related to faulting. The
Company acquired 505 meters of whole core, which will be analysed to
verify the wireline log readings and to provide additional basin
information. The Company has suspended the well and released the
drilling rig.

Early core analysis from the Silurian portion of the Gapowo B-1 core
verifies the Company’s belief that the Gapowo B-1 well was drilled in a
portion of the basin that is highly prospective for shale gas. The core
data is showing that the lower Silurian has higher porosities,
permeability and Total Organic Carbon than in the comparable intervals
in all other Baltic Basin BNK Petroleum Inc. operated wells. The
Company has also received the gas isotope analyses which indicates
overpressured, higher permeability shales. These analyses also validate
the high gas readings observed while drilling the Gapowo B-1 well. As
previously reported, the average total gas readings were over 20 times
higher and maximum total gas readings were over 45 times higher than
those seen in the Lebork S-1 well.  These higher gas shows occurred
despite the significantly higher-weight drilling muds used in the
Gapowo B-1 well and the related slower rates of penetration.  The
Company is still awaiting the core analysis results of the Ordovician
interval.

Incorporating the new data into the geologic model indicates that the
prospective zones in the Gapowo B-1 well still extend over a
significant portion of BNK’s Indiana concessions. The Company is
awaiting the full concession modification approval, which will allow
the re-entry of the Gapowo B-1 well to drill a horizontal leg to test
these highly promising zones.

Oklahoma

The Company operated horizontal Barnes 6-2H well in Oklahoma, targeting
the Lower Caney and Upper Sycamore (Mississippian Lime equivalent)
formations, has been drilled and cased to total depth with 4,274 feet
of lateral section. The well was drilled partially in the Sycamore, and
partially in two lower members of the Caney formation, which will help
optimize future horizontal wells. The drilling rig has been released
and the Company is anticipating testing the well in the coming weeks,
after the fracture stimulation is completed. This new horizontal Caney
test follows the encouraging results of the vertical Caney/Upper
Sycamore test previously announced which continues to produce 100% oil.

About BNK Petroleum Inc.

BNK Petroleum Inc. is an international oil and gas exploration and
production company focused on finding and exploiting large,
predominately unconventional oil and gas resource plays. Through
various affiliates and subsidiaries, the Company owns and operates
shale gas properties and concessions in the United States, Poland,
Spain and Germany. Additionally the Company is utilizing its technical
and operational expertise to identify and acquire additional
unconventional projects outside of North America. The Company’s shares
are traded on the Toronto Stock Exchange under the stock symbol BKX.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute
“forward-looking information” as such term is used in applicable
Canadian securities laws, including information regarding the Company’s
current plans and expectations in regard to the Gapowo B-1 well
including its expectations regarding prospective shales and the Caney
well, including as to timing of fracture stimulation and other well
operations, expected outcomes of exploration programs on its Indiana
concessions, and expected timing of completion and results of data
processing.  Forward-looking information is based on plans and
estimates of management and interpretations of early exploration
information by the Company’s exploration team at the date the
information is provided and is subject to several factors and
assumptions of management, including that the indications of early
results are reasonably accurate predictors of the prospectiveness of
the shale intervals, that required regulatory approvals will be
available when required and on terms that are acceptable to the
Company, that no unforeseen delays, unexpected geological or other
effects, equipment failures, permitting delays, labor or contract
disputes are encountered, that the Company’s financial condition and
the development plans of the Company and its co-venturers will not
change, that the demand for oil and gas will be sustained, that the
Company will continue to be able to access sufficient capital through
financings, farm-ins or other participation arrangements to maintain
its projects, and that global economic conditions will not deteriorate
in a manner that has an adverse impact the Company’s business, its
ability to advance its business strategy and the industry as a whole. 
Forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause plans, estimates and
actual results to vary materially from those projected in such
forward-looking information.  Factors that could cause the
forward-looking information in this news release to change or to be
inaccurate include, but are not limited to, the risk that any of the
assumptions on which such forward looking information is based vary or
prove to be invalid, including that the Company or its subsidiaries is
not able for any reason to obtain and provide the information necessary
to secure required approvals, that occurrences such as those that are
assumed will not occur, do in fact occur, and those conditions that are
assumed will continue or improve, do not continue or improve, any of
which could result in delays, cessation in planned work or loss of one
or more concessions and have an adverse effect on the Company and its
financial condition. These risks as well as the other risks and
uncertainties applicable to exploration activities and the Company’s
business as set forth in the Company’s management discussion and
analysis and its annual information form both of which are available
for viewing under the Company’s profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking
statements, other than as required by applicable law.

SOURCE BNK Petroleum Inc.


Source: PR Newswire