HISTORY - U.S. 1st Qtr 2013 3rd Qtr 2014 Product Split * Product Split * 15% Tishomingo Shale Project Sold 42% 43% Oil Gas NGLs 13% 18% 69% Oil Gas NGLs 18.9 netbacks ** 52 netbacks ** BNK has been operating…
TISHOMINGO FIELD (Ardmore Basin - Oklahoma, USA) Caney/Sycamore Lime is present over BNKs Text BNK Operated Caney well BNK Previously operated Woodford well entire acreage block BNK held by production acreage 16,300 net acres BNK…
2013 RESERVE REPORT (Tishomingo Field, Ardmore Basin - Oklahoma, USA) - Reserves based on - 160 acre well spacing (4 wells per section) 12/31/13 Reserve Report BNK Interest* - 54 net wells forecast to develop 3P MBOEs NPV 10% -…
CANEY PROGRESS 2013 Constant improvement - Path towards full development Proof of concept - Caney produces 30?y%Oil%Rate% Increasing production rates and increasing recoverable reserves 600 Stimulation improvements 500 Optimizing…
EUROPEAN PROJECTS - BNK has been operating in Europe for over 4 years - Gas prices +10/mcf - Government takes are comparable or less than U.S. - Key to advancing projects is focusing on environment, government and local community…
PLAY COMPARISON Poland Shale U.S. Caney Project Poland Old*** Spain Gas*** Royalties 18% - 20% 1% 1.5% 0% March Gas Prices 4.50 10.55* 15.10** (approx) 19% + SHT (0% - 25%) Corporate Tax Rate 35% 19% 35-40% depending on R…
POLAND PROJECTS Strzezewo -1 Lublewo LEP-1 Lebien 1 & Warblino 2H wells Lubocino Lebork S-1 well - Attempted stimulation 4th qtr 2011 3Legs / PGNiG Drilled Wytowno 1 well 1H well well without placing enough proppant. No Effective…
POLAND PROJECTS Lebien 1 & 2H wells Strzezewo -1 - Fracd Alum & Ordovician, flowed gas w/Nitrogen lift, shut-in for pressure buildup test 2H tested unassisted flow of 230-300 MCF/day Lublewo LEP-1 - Fracd and flowing back Sept 2014…
SPANISH PROJECT (heart of Jurassic play in Castilla y Leon) Cantabria Pais Vasco Castilla y Leon Urraca Concession Sedano Navarra Concession BNK Concession BNK Application Rojas Existing Concessions Trofagas…
BNK JURASSIC SHALE PROJECT 100-200 meter thick Jurassic shale Carbonate 2,500 - 4,500 meter depth Thick black shales Gas & Oil shows in shale and fractured carbonates in Carbonate existing wells Structure defined by numerous 2D…
ACREAGE COMPARISON 12,500 acre square (size of BNKs net acreage in Tishomingo field when Woodford was sold to Exxon) * The higher the number the more shale versus carbonate ** Usually shallower portions of the basin during…
SUMMARY - Closed 147.5 million sale of Woodford Tishomingo Assets in April, 2013* - 3 high impact projects - Caney shale oil production growth potential in Tishomingo field - Polish shale gas project - Spanish shale gas and oil…