CALGARY, Oct. 3 /PRNewswire-FirstCall/ - BNK Petroleum Inc. (TSX: BKX) Wolf Regener, President and CEO is pleased to report that BNK Petroleum Inc. ('BNK') currently has interests in wells producing about 500 barrels of oil equivalents ('BOEs') net to BNK, from the Woodford shale in its Tishomingo Field in Oklahoma.
BNK has 5 wells producing approximately 300 BOEs a day, net to BNK, of the approximately 1,500 gross BOEs a day. BNK also has 3 wells shut-in which have been producing about 200 BOEs a day, net to BNK, while NGPL upgrades the meter restriction.
BNK also has interests in 3 wells that are still flowing back fracture stimulation fluids that do not yet have production rates. In the Tishomingo field, BNK has participated in 32 wells that have been drilled and cased, with one additional well that is still drilling. Of these 33 wells, 6 are vertical and 27 are horizontal and BNK operates 24 of them.
There are approximately 104 net stages of treatable Woodford shale behind pipe in which BNK owns an interest. A net stage of treatable Woodford shale represents the average treated interval length multiplied by BNK's working interest in each well. The current rate of 500 BOEs a day, net to BNK's interest, is being produced by approximately 18 percent of the currently available net stages.
All the wells in the Tishomingo Field have been drilled on a one well per section basis, which is 640 acres. BNK anticipates applying for a downspacing of 4 wells per section. BNK is projecting that its BOE mix, based on the recent well completions, will be approximately 50% from oil and Natural Gas Liquids and 50% from natural gas.
BNK and partners continue to install gathering lines and monitor the fracture stimulation results on their wells to further improve the completion techniques. The goal is to continuously improve the initial production rates as well as ultimate recoveries from these wells. BNK is currently planning to begin drilling its next well in the middle of October on the acreage it recently acquired, which is adjacent to its original acreage block.
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.
