Exploration & Production | Quarterly / Earnings Reports
Post Tishomingo Sale, BNK to Maximize Caney, European Ops
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BNK Petroleum Inc. has reported its first quarter 2013 results.
Highlights: Capital expenditures decreased 77% to $2.5 million primarily due to 2012 expenditures in Poland related to the drilling of the Miszewo T-1 and the Gapowo B-1 wells Production per day increased slightly from the first quarter of 2012 Average net-backs per barrel increased 4% to $18.89 primarily due to lower workover and maintenance costs which offset falling NGL and oil prices Loss of $5.3 million versus a loss of $3.5 million from the first quarter of 2012 due to higher unrealized losses on financial derivative contracts and higher interest expense A new $76 million credit facility was obtained in January 2013 and $41 million was drawn on the facility to repay the existing loan amount and for general working…Finish this article — free account or subscription
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