Exploration & Production | Operational Updates
BNK Shifts Focus to Caney, Polish Development
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BNK Petroleum Inc. has reported its fourth quarter and annual 2012 results, including how its latest divestment deal will affect its future operations.
BNK's President and Chief Executive Officer, Wolf Regener commented: "With the recently announced signing of the Purchase and Sale Agreement with XTO Energy Inc. for the sale of our Tishomingo Field assets in Oklahoma, other than the Caney and upper Sycamore formations, for $147.5 million in cash, post-closing, the Company will be well positioned to maximize what we believe will be outstanding opportunities in the oil-rich Caney and upper Sycamore formations and to pursue our exciting European projects with or without partners.
"The test results from the first Caney wells have been encouraging and we look forward to drilling the next wells
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