BNK Petroleum Offers Glenn and WLC Well Update

BNK Petroleum Inc. (TSX:BKX) has provided an update on the Glenn 16-2H and WLC 14-1H wells located in Oklahoma’s Tishomingo Field. BNK Petroleum is an international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays. Through its subsidiaries, the company owns and operates shale oil and gas properties in the United States.

As quoted in the press release:

The Glenn 16-2H well has been producing for over two months and has a 60 day initial production (IP) rate of 594 barrels of oil equivalent per day (BOEPD), with over 500 barrels being oil from its one mile lateral. The well is currently producing an average of 508 BOEPD of which 414 barrels are oil. This slightly exceeds the possible type curve prepared by our outside reserve evaluators at the end of last year.

The WLC 14-1H well started flowing back but was shut in last week to retrieve a part that was lodged in the lateral and was likely restricting the flowback. The part has been successfully removed and flowback is expected to resume this week. The start of the 30 day IP rate will begin after the flowback has recommenced.

At the current price of oil at over US$65 a barrel, our incremental netbacks for these wells are estimated to be approximately US$35 a barrel which represents a substantial contribution to the company’s cash flow.

Click here to read the full press release