BNK Petroleum Inc. (the company or BNK), is providing the results of its 31 December 2015 independent reserves evaluation. The evaluation of the company's reserves, in the Caney formation of the Tishomingo Field in Oklahoma, was conducted by Netherland, Sewell & Associates, Inc. in accordance with the National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
2015 gross reserves summary
- Total proved reserves: 17.7 million bbls, an increase of 48% over the 31 December 2014 estimate.
- Proved plus probable reserves: 41.4 million bbls, an increase of 11% over the 31 December 2014 estimate.
- Proved plus probable plus possible reserves: 69.3 million bbls, a slight decrease of 1% from the 31 December 2014 estimate.
Net present value of reserves discounted at 10%
- Total proved reserves before tax of US$159.6 million.
- Proved plus probable reserves before tax of US$413.6 million.
- Proved plus probable plus possible reserves before tax of US$778.9 million.
The above total proved reserves are attributed to 11 of the Caney wells already drilled, four Woodford wells (4.9% working interest for the company) and the drilling of 34.6 net additional wells over the next five years. The probable reserves are attributed to the drilling of 34.3 net additional wells. The wells in this report are planned at 107 acre spacing (six wells per section) on approximately 10 900 net acres. This is approximately 68% of the 16 100 net acres the company has in this project. The other 32% of the acreage is on the easterly side of the company's acreage and based on data from the company's historical drilling of the deeper Woodford formation wells, correlated with a 3D seismic survey, the company anticipates that future wells on its easterly acreage will demonstrate that the Caney is also productive over this easterly acreage.
Adapted from press release by Francesca Brindle
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