BNK Petroleum has successfully drilled, and run casing to 5,475', in the Hickman Farms 30-15 well. The Pickens County, Alabama well exhibited numerous gas shows while drilling. A full suite of logging tools was run in the well. The log data will be analyzed and interpreted over the coming weeks. It is anticipated that four different zones will be tested for commerciality. The testing is expected to commence in about 30 days.
As previously announced last December, BNK can earn up to a 50 percent working interest from BWB Exploration, LLC, ("BWB") in a portion, or all, of approximately 80,000 acres in the Black Warrior Basin by drilling a series of test wells on identified prospects. The exploration program requires BNK to pay 100 percent of the costs of the test wells. The Hickman Farms 30-15 well is the first of three commitment wells BNK has agreed to drill. If BNK doesn't drill any of the three wells then it may have to pay $500,000 in liquidated damages per well. Additional wells may be drilled if favorable results are obtained from the first three wells. BWB is owned 60 percent by LNG Energy, Ltd. and 40 percent by another independent party.
BNK is continuing its pursuit of additional shale gas concessions in both Eastern and Western Europe, with the goal of having 2 million acres in 4 basins by year's end.
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