DRILLS GLENN 16-2H UNDER BUDGET; SPUDS WLC 14-1H WELL
BNK Petroleum Inc. (BKX.T) has drilled and set casing on the Glenn 16-2H well and begun drilling the WLC 14-1H well in the company's Tishomingo field.
The Glenn 16-2H, which is located directly south of the company's Brock 9-2H well, was drilled and cased in 25 days. The drilling rig was moved two miles to the east and is drilling the WLC 14-1H well (previously referred to as the Scott 14-2H). Fracture stimulation bids for the Glenn 16-2H well have been received and the company expects to select the service company shortly, after which the stimulation date will be determined.
Wolf Regener, president and chief executive officer, commented: "I am proud of our team that safely drilled the Glenn well in 25 days, which was five days less than our expected drilling time. This team includes our staff, consultants and quality service companies such as Power Drilling LLC and Skyline Directional Drilling LLC, who all played key roles in a full section treatable lateral being drilled under budget.
"The hydrocarbon shows recorded while drilling the lateral look comparable to our best wells. Based on everything we've seen, after fracture stimulation, we expect the Glenn to be another of our top performing wells. We are looking forward to the continued success of our drilling campaign as we push further east with the WLC 14-1H, which we believe will continue to increase our reserves and cash flow and demonstrate the repeatability of our results."
About BNK Petroleum Inc.
BNK Petroleum is an international oil and gas exploration and production company focused on finding and exploiting large, predominantly unconventional oil and gas resource plays. Through various affiliates and subsidiaries, the company owns and operates shale oil and gas properties and concessions in the United States. Additionally, the company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects. The company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX and on the OTCQX under the stock symbol BNKPF.