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Monday, May 23, 2022

Fresh Capital Will Fund BNK Drilling Program

BNK Petroleum Inc. announced Thursday it has secured an increase in its credit facility and plans to use some of the money to fund its 2018 drilling program. The Camarillo oil and gas producer said its next well will be in its Tishomingo field in Oklahoma. Drilling will begin in January. The company also said it has increased its borrowing base to $30 million on its revolving credit line with BOK Financial. Additionally, it has retained financial advisors Macquarie Capital Markets Canada Ltd. and KLR Group LLC to review options that may include drilling funds, joint ventures and other means to accelerate growth of its reserves. “Following up on the success of our 2017 drilling program, we are now finalizing plans for our 2018 drilling program, which will be funded through existing cash flow and the increased credit available under our credit facility,” Chief Executive Wolf Regeners said in a statement. Shares of BNK (BKX.TO) closed Thursday up 3 cents or 7.3 percent to 44 cents on the Toronto Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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