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UPDATE: BNK Petroleum Edges Up as Announces New Acreage in Spain

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BNK Petroleum Inc. (BNK.TO) announced today that its wholly owned subsidiary Trofagas Hidrocarburos, S.L., has been awarded an oil and gas concession totalling approximately 234,000 acres located mainly in the autonomous community of Castile and Leon, Spain. This concession brings the company's total acreage in Europe to about 3.8 million net acres in 5 separate basins.

The concession terms include certain minimum requirements, which must be fulfilled by BNK to retain its interest. The more significant minimum requirements include the requirement to conduct geological work in the first year, drilling two wells each in years two, three and four and three wells in year five. Meanwhile, in Poland, the company announced today that it has commenced completion operations on the Lebork S-1 well which entails rigging up equipment, cleaning out the wellbore and performing formation evaluation tests prior to fracture stimulations.

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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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