BNK Petroleum Achieves its Best 30 Day Initial Oil Production Rate

BNK Petroleum (TSX: BKX) is pleased to announce that the Glenn 16-2H well averaged over 630 barrels of oil equivalent per day (BOEPD), of which 540 barrels are oil, for the last 30 days. The production from the well, which is located in BNK’s Tishomingo field, in the SCOOP region of Oklahoma, is currently producing over 620 BOEPD, of which 515 barrels are oil.

As quoted in the press release:

“The Glenn 16-2H well has the highest 30 day oil IP of any well that we have drilled and it is outperforming our possible type curve. The well is producing at an oil rate which is about 45% higher than our next highest well’s production at the 30 day mark. Our technical team believes this exceptional performance is mainly due to our latest generation frack design, as the geological data gathered while drilling this lateral looks comparable to many of our other wells.

“At the current price of oil at over $68 a barrel, our incremental netbacks for this well are estimated to be approximately $37 a barrel which represents a substantial contribution to our cash flow,” said Wolf Regener, president and CEO of BNK Petroleum.

Click here to read the full press release