Monday, March 18, 2013

BNK Petroleum Inc. - BKX.t

BNK Petroleum Inc. - BKX.t is focused on the acquisition, exploration, and production of large oil and gas reserves with a strategic focus on Europe. The company has been awarded a total of 2.7 million net acres consisting of 11 concessions in Germany, Poland, and Spain.

On March 17, 2013 the company released NEWS

BNK Petroleum Inc.'s indirect wholly owned subsidiary BNK Petroleum (U.S.) Inc. has entered into a purchase and sale agreement with XTO Energy Inc., a subsidiary of Exxon Mobil Corp., for the sale by BNK U.S. of its Tishomingo field, Oklahoma, assets other than the Caney and upper Sycamore formations, for $147.5-million (U.S.), subject to customary closing adjustments.

Subject to completion of customary conditions, the transaction is expected to close in late April. If the transaction is completed, the proceeds of the sale are expected to be used to accelerate the drilling of Caney wells in the Tishomingo field, the company's exploration efforts in Europe and for repayment of the company's credit facility.