BNK Petroleum Announces Q2 Results
BNK Petroleum Inc. (BKX.TO) said it earned a net profit of $407,000 in the second quarter of 2011 on a 53% increase in oil and gas revenues net of royalties. Other income in the quarter was $2.2 million versus $.4 million in the second quarter of 2010 which resulted from the sale of seismic data in Oklahoma for $1.2 million, $.6 million in estimated management fee income and $.4 million in gathering revenue. It said the increase in oil and gas revenues resulted from the combination of a 31% increase in average product prices in the quarter coupled with a 13% increase in average daily production. Average net-backs per barrel (per barrel product prices less royalties and operating expenses) increased 52% in the quarter.
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