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Friday, Jun 9, 2023

BNK to Sell Oil Fields for Nearly $148 Million

BNK Petroleum Inc. plans to sell a shale field in Oklahoma to a subsidiary of Exxon Mobil Corp. for $147.5 million. The deal, expected to close in late April, gives XTO Energy Inc. in Fort Worth, Texas, rights to most of BNK’s Tishomingo Field operations. It will retain only two areas where it plans to ramp up production. The Camarillo company will use the money to accelerate drilling in other fields, expand exploration efforts in Europe and pay down debt. “If completed, this transaction will provide the company with sufficient funds to accelerate our planned Caney development and flexibility to pursue our exciting European projects on our own or with partners,” Chief Executive Wolf Regener said in a statement. Shares of BNK closed at 74 cents, up 16 cents or 27 cents on the Toronto Stock Exchange.

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