BNK Petroleum Inc. Announces Increase in Available Credit Under Reserve Based FacilityBy Bnk Petroleum Inc, PRNE
Wednesday, November 10, 2010
CAMARILLO, California, November 11, 2010 - BNK Petroleum Inc. (the "Company") (TSX: BKX) announced today that BNK
Petroleum (US) Inc.'s Credit Facility has been amended to increase the amount
of credit available under the borrowing base to US$23.8 million from US$20
million. The Bank of Oklahoma N.A. is providing this additional credit line
of US$3.8 million. As previously announced on October 25, 2010, Amegy Bank of
Texas and its affiliate Vectra Bank Colorado advanced the Company
US$20 million against its US$20 million credit line. The Company has no
current plans to utilize this additional US$3.8 million in available credit.
BNK Petroleum (US) Inc. is the Company's indirect wholly-owned subsidiary
which holds its US oil and gas interests.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable Canadian
securities laws, including information regarding the Company's current plans
to not use the additional available credit. Forward-looking information is
based on plans and estimates of management at the date the information is
provided and certain factors and assumptions of management, including that
the Company's financial condition and development plans will not change.
Forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause plans, estimates and actual
results to vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking information in this
news release to change or to be inaccurate include, but are not limited to,
the risk that the Company's financial condition and development plans will
change. The Company undertakes no obligation to update these forward-looking
statements, other than as required by applicable law.
About BNK Petroleum Inc.
BNK Petroleum Inc. is a U.S. based international oil and gas exploration
and production company focused on finding and exploiting large, predominately
unconventional oil and gas resource plays. Through various affiliates and
subsidiaries, the Company owns and operates shale gas properties and
concessions in the United States, Poland and Germany. Additionally the
Company is utilizing its technical and operational expertise to identify and
acquire additional unconventional projects outside of North America. The
Company's shares are traded on the Toronto Stock Exchange under the stock
For further information: Wolf E. Regener, President and Chief +1-805-484-3613 Executive Officer Email: firstname.lastname@example.org Website: www.bnkpetroleum.com
For further information: Wolf E. Regener, President and Chief, Executive Officer, +1-805-484-3613, Email: investorrelations at bnkpetroleum.com
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