BNP Resources Inc. October 2007 operational update
Release Date: October 24, 2007
CALGARY, Oct. 24, 2007 (Canada NewsWire via COMTEX News Network) —
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES./
CALGARY, Oct. 24 /CNW/ – BNP Resources Inc. (“BNP” or the “Corporation”) is pleased to provide the following operational update.
– Closed its flow-through and common equity share offerings raising
gross proceeds of approximately $2.4 million, as disclosed in its
October 16, 2007, press release.
– Since BNP’s second quarter report to shareholders it has completed
five exploratory wells, three of which have production tested as oil
and two as gas.
– One of the oil wells penetrated a significant oil column. However,
the Corporation is not in a position to assess its true potential
until the well is on production and a reserve report is completed by
an independent reservoir engineering firm in connection with the
evaluation of the Corporation’s reserves as at year end.
– Initiated equipping and tie-in of these five wells, with an
anticipated production start date of December 1, 2007. Actual initial
production levels will be determined once all the wells have been
equipped and tied in and are on production.
– Recently drilled a well in Southeast Saskatchewan which has been
cased and is in the process of being completed.
– BNP’s 2007 exploratory drilling program is now up to 11 wells, and
the Corporation is currently in the process of preparing up to five
more wells for drilling by the end of 2007. This will achieve its
2007 flow-through commitment of $10.25 million.
“We are very pleased with the results of these last five wells,” says Gregory Bilcox, President and CEO. “BNP intends to follow up on several light oil discoveries with a substantial oil well development drilling program in 2008”, continues Mr. Bilcox.
BNP is actively engaged in the exploration for, the development and production of, natural gas and oil reserves. BNP’s business strategy is to build sustainable and profitable per share growth through selective acquisitions and internally generated exploration and development drilling.
BNP has approximately 9,604,100 Class A shares and 922,500 Class B shares issued and outstanding which trade on the TSX Venture Exchange under the symbols “BNX.A and “BNX.B”.
Further information with regards to BNP may be found on the SEDAR website www.sedar.com or on BNP’s website www.bnpresources.com.
ADVISORY: This press release may contain forward-looking statements including management’s assessment of future plans and operations and expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The forward-looking statements contained in this press release are made as of the date hereof and BNP undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: BNP Resources Inc.
Gregory Bilcox, President and CEO, BNP Resources Inc., Phone: (403) 695-1091, Fax: (403) 265-0413; Gordon B. Paul, VP Finance and CFO, BNP Resources Inc., Phone: (403) 695-1095, Fax: (403) 265-0413
Copyright (C) 2007 CNW Group. All rights reserved.