BNK Petroleum, on behalf of one of its European subsidiary's, Indiana Investments Sp. z o.o., was awarded three oil and gas concessions in the Baltic Basin of Poland by the Ministry of Environment. The three concessions, Darlowo, Bytow and Trzebielino, were applied for in 2009 and total approximately 880,000 acres net to BNK. The concessions are directly adjacent to BNK's Slawno and Slupsk concessions where BNK intends to drill its first well in late second or early third quarter of this year. This first well is part of the farm out whereby BNK is carried for all but 6.67% of the first $25 million spent on the project. The three new concessions bring BNK's acreage holdings in Europe to approximately 3 million gross acres and 2.65 million net acres. The Company continues to await the awarding of previously submitted applications and is continuing to apply for new concessions in other European basins.
Certain minimum requirements must be fulfilled by BNK to retain its interest in these latest concessions. The more significant minimum requirements consist of conducting geological and geophysical work and the spudding of a well within 18 months of the concession award date. A second well on each concession is required to be completed by March 2013.
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