BNK Petroleum Inc. is providing the results of its December 31, 2018 independent reserves evaluation. 

Wolf Regener, President and CEO commented,
“We are very pleased with our proved reserve increases of 26% on a BOE basis and 31% on a NPV basis compared to the prior year.  These increases were primarily due to our 2018 drilling program as well as our existing producing wells outperforming the previous years forecasts.  We are also excited that the estimated ultimate recovery (EURs) from the existing wells increased from the prior year continuing the trend of the last few years.  This continued year over year improvement of our proved reserves demonstrates the favorable performance of our wells and the long life we anticipate from our field.”

The evaluation of the Company’s reserves in the Caney formation of the Tishomingo Field in the SCOOP area of Oklahoma was conducted by Netherland, Sewell & Associates, Inc. ("NSAI") in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. 

2018 Gross Reserves Summary

• Total Proved Reserves 33.8 million Barrels of oil equivalent (BOE) - an increase of 26% over the December 31, 2017 estimate
• Proved plus Probable Reserves 53.3 million BOEs - an increase of 11% over the December 31, 2017 estimate
• Proved plus Probable plus Possible Reserves 78.5 million BOEs - an increase of 6% from the December 31, 2017 estimate
• Net Present Value of Reserves discounted at 10%
• Total Proved Reserves before tax of U.S. $376.9 million - an increase of 31% over the December 31, 2017 estimate
• Proved plus Probable Reserves before tax of U.S. $521.4 million - an increase of 7% over the December 31, 2017 estimate
• Proved plus Probable plus Possible Reserves before tax of U.S. $690.3 million - a decrease of 11% over the December 31, 2017 estimate

The above total Proved reserves are attributed to 17 of the Caney wells already drilled, four Woodford wells (4.9% working interest for the Company) and the drilling of 55.76 net additional wells over the next 3 years. The Probable reserves are attributed to the drilling of 28.91 net additional wells. The wells in this report are planned at 107 acre spacing (6 wells per section) on approximately 14,337 net acres.  This is approximately 82 percent of the 17,395 net acres the Company has in the Tishomingo Field. The other 18 percent 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. 

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