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UPDATE: BNK Petroleum Crashes 7% To Yr Lows As Announces Q3 2012 Results

BNK Petroleum Inc (BKX.TO) has crashed 7% and hit new year lows today after saying in the third quarter the company incurred a loss of US$4.3 million versus a loss of $0.3 million in the third quarter of 2011.

In the third quarter oil and gas revenues before royalties were up $549,000 over 2nd quarter 2012, but declined $3.2 million in comparison to the third quarter 2011, due to a lower average natural gas prices and NGL prices coupled with reduced average total daily production. Other income in the third quarter declined $1.1 million due to lower management fee income.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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