Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update
BNK Petroleum Focuses on Oil in Caney Formation
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BNK Petroleum Inc. has announced first quarter 2014 results.
BNK's President and Chief Executive Officer, Wolf Regener said: "Due to our successful drilling program in the Caney formation of the Tishomingo field during the past 9 months, the Company was able to generate positive net income for the first quarter 2014, less than 1 year after the sale of substantially all of the Company's production in April of last year. Due to higher oil content in the production mix of the Caney formation, we increased our netbacks more than 200% compared to the 2013 first quarter, which helped us to achieve profitability with 43% lower average total production. In addition, we generated positive cash flow from operations of almost $3.0 million and revenue of $5.5 million for the quarter.
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