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Last updated on April 16, 2014 at 13:55 EDT

BNK Petroleum Inc. Baltic Basin Update

September 4, 2011

CAMARILLO, CA, Sept. 4, 2011 /PRNewswire/ – BNK Petroleum Inc. (the “Company“) (TSX: BKX), on behalf of Saponis Investments Sp z o.o, announced
today that it has received additional data from the Lebork S-1 and
Wytowno S-1 wells drilled on the adjacent Slawno and Slupsk
concessions.  The new data from the third party contractors consists of
the total organic carbons (“TOCs”) for the three target intervals in
the Lebork S-1 well and partial mineralogy for the target intervals in
both the Lebork S-1 and Wytowno S-1 wells.  The TOCs in the Lebork S-1
well ranged from 0.14 to 1.50, averaging 0.8 by percent weight for the
Lower Silurian, 0.04 to 6.04, averaging 2.2 by percent weight for the
Ordovician and 5.0 to 9.2, averaging 7.2 by percent weight for the
Cambrian. Also received were the Porosity values of the 148 meter thick
Lower Silurian interval which ranged from 1.0 to 9.6, averaging 3.9% in
the Lebork S-1 well. Brittleness tests were run on selected target
intervals, which indicate that these intervals have similar brittleness
values to producing US shales.  The mineralogy breakdown for the
different zones is as follows:


                      LEBORK S-1WELL          WYTOWNO S-1 Well

                      Lower                   Lower    Shallower

                      Silurian Ordovician     Silurian Silurian
                      Cambrian      

    Silica            In Lab 56%        25%        28%       49%

    Carbonate & other In Lab 10%       36%*        27%       26%

    Clay              In Lab 34%        39%        45%       25%

* Breakdown is 26% Pyrite, 4% Carbonate, 6% other

The Company also announced that the Starogard S-1 well on the Starogard
concession in Poland, in which the Company has an indirect 26.69%
interest, has been successfully drilled, cased and cemented to its
total measured depth of 3524 meters. There were 107 meters of whole
core recovered from the well and a full suite of logs was run. In
addition, 100 sidewall cores were taken above the whole cored interval
where good gas shows and preliminary log analysis indicate potential.

The whole core and sidewall cores were taken to fully evaluate the
physical parameters of the rock.  These analyses will provide, among
other data: porosity, permeability, total organic carbon, rock eval
pyrolysis, thermal maturity, gas composition, micropaleontology,
mineralogy, and mechanical properties.  During drilling, numerous gas
shows were recorded over 250 meters of the Lower Silurian, Ordovician
and Cambrian shales.  The gas shows consisted of, not only Methane gas,
but also Ethane, Propane, Butane, and Pentane. The presence of heavier
hydrocarbons is consistent with the Company’s thermal maturity mapping
of the Baltic basin, which shows the Starogard S-1 well in a reduced
thermal maturity profile as compared to the Lebork S-1 and Wytowno S-1
wells.  Those two wells had an Ro equivalence of 1.8 which is in the
dry gas window.  For Starogard S-1, a thermal maturity profile will be
established by utilizing Ro equivalence from both the Thermal
Alteration Index and organic reflectance measurements.  These are the
same techniques that were used in Wytowno S-1 and Lebork S-1 well
analyses.

Also consistent with the Company’s regional geologic model, the Cambrian
shale thinned to 6 meters from what was found in the Lebork S-1 well.
The Lower Silurian thickness is 147 meters, similar to the 148 meters
observed in Lebork S-1 and the prospective Ordovician shale section is
24 meters thick, approximately inline with the Lebork S-1 well. The
Company anticipates receiving the majority of core analysis for the
Starogard S-1 well by the end of the 4(th) quarter.

Completion activity for the Lebork S-1 well is scheduled to begin in
mid-September which is anticipated to be followed by the Wytowno S-1
well completion.  The Company is also reviewing the possibility of
performing the completion of the Starogard S-1 well in conjunction with
the two other wells.  Further well analysis and equipment availability
will determine the timing.  The Company is utilizing best industry
practices for drilling and testing our wells, including utilizing
bladders to hold the fresh water for fracture stimulating the well
instead of digging a large pit.  The bladders ensure complete isolation
from surface soil and water, reduce truck traffic to and from the site
and increase safety.  The flowback fluids are flowed directly into
self-contained steel tanks on location.  The Company is also utilizing
the most environmentally friendly additives for fracture stimulation
currently available from Schlumberger in Poland.

Permitting has commenced for the previously announced 2D seismic
program, which consists of about 407 km on the Saponis concessions and
333 km on the Indiana concessions.  The Company owns 100% of the
Indiana concessions. An agreement has been signed with a seismic
contractor and acquisition is scheduled to commence in the 4(th) quarter of 2011.  The objective of the seismic program is to further
define basin structure and burial history as well as to aid in the
selection of individual well locations.

It is anticipated that the previously announced depth to crystalline
basement study will be complete early in the 4(th) quarter. The study will cover a large portion of northeast Poland, and
encompass the Saponis and Indiana owned acreage. Interpretation of the
study is expected to provide a better understanding of general basin
geometry, identify sub basins and locate significant basement-related
faulting.

The Wytowno S-1, Lebork S-1 and Starogard S-1 wells are being drilled by
one of the Company’s subsidiaries as Manager for Saponis Investments Sp
z o.o.. The Company owns approximately 26.7 per cent of Saponis with
remaining ownership with Rohöl-Aufsuchungs Aktiengesellschaft,(“RAG”)
Sorgenia E&P SpA and LNG Energy through its subsidiary. The Company
holds 195,000 net acres in the Baltic Basin of Poland through Saponis
and a further 880,000 adjacent net acres through Indiana Investments Sp
z o.o., its wholly owned subsidiary.

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 but not limited to information
regarding the Company’s current plans and expectations regarding its
concessions in Poland and in particular, timing of commencement and
completion of seismic and other studies, fracture-stimulations,
expected timing of results of core and log analyses, the Company’s
expectations as to the outcomes of the foregoing and hypotheses
regarding the geology of the basins in which it has operations and is
conducting exploratory work. Forward-looking information is based on
plans and estimates of management at the date the information is
provided and is subject to certain factors and assumptions of
management, including that no unforeseen delays, unexpected geological
or other effects, equipment failures, permitting delays, delays in
procurement of required equipment or personnel, labor or contract
disputes are encountered as well as that the Company’s the financial
condition and the development plans of the Company and its co-venturers
will not change.  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 occurrences
such as those referred to above may occur and result in delays,
unexpected geological formations or occurrences necessitating changes
to or cessation in planned work, and that the financial condition and
development plans of the Company or the other participants in the
Wytowno #1, Lebork S-1 and Starogard wells change, as well as other
risks typically associated with joint ventures with third parties and
the risks and uncertainties applicable to exploration activities and to
the Company, 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.

About BNK Petroleum Inc.

BNK Petroleum Inc. is a North American based 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,
Germany and Spain. 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.
 

SOURCE BNK Petroleum Inc.


Source: PR Newswire