BNK Announces Closing of Sale of Tishomingo Field, Oklahoma Assets

BNK Petroleum (TSX:BKX) announced that its previously announced sale by BNK Petroleum US (subsidiary) to XTO Energy Inc. of its Tishomingo Field, Oklahoma assets for US$147.5 million has been closed.

As quoted in the press release:

The indebtedness under the Company’s credit facility has been paid down to $100,000 with the proceeds from the sale, the Company’s hedging positions have been closed and the balance of the $147.5 million sale price less an approximately $400,000 downward price adjustment, has been received by the Company.  The Company’s credit facility remains in place with the intent of creating future borrowing capacity from reserves associated with any successful Caney / Upper Sycamore wells in the Tishomingo Field.

Click here to read the full BNK Petroleum (TSX:BKX) press release.