BNK Petroleum Increases Proved Reserves by 212%
BNK Petroleum has announced the results of its December 31, 2008, independent reserves evaluation. The evaluation of the Company's Tishomingo Field in Oklahoma was conducted by MHA Petroleum Consultants, Inc. ("MHA") and was prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. BNK has also completed SEDAR filing of its December 31, 2008 year end reports related to oil and gas reserves prepared in accordance with NI 51-101. These reports, which can be accessed electronically from the SEDAR website at www.sedar.com, include Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure.
2008 Reserves Summary
- Proved Reserves Increased by 212% to 9.9 million BOE's
- Proved & Probable Reserves Increased by 74% to 16.6 million BOE's
Net Present Value of Reserves discounted at 10%
- Proved & Probable Reserves before tax of $187.8 million -- an increase of 106% over last year
- Proved & Probable Reserves after tax of $124 million -- an increase of 106% over last year
The above reserves were attributed to the 39 wells that have been drilled and 38 additional locations that BNK currently has an interest in. In December of 2008 BNK applied for and received approval to drill 3 additional wells in one of its sections at an 80 acre spacing pattern. An 80 acre spacing pattern would allow for 8 wells per section which could allow for over 340 total gross wells for this project.