BNK Petroleum Inc., Calgary, (TSX: BKX) says its 2008 year-end proved reserves totaled 9.9 million barrels of oil equivalent, a 212% increase from 2007. Proved and probable reserves increased by 74% to 16.6 million barrels of oil equivalent.
MHA Petroleum Consultants Inc. conducted the evaluation of BNK’s Tishomingo Field in Oklahoma, comprising 39 drilled wells and 38 locations in which the company has an interest.
The net present value of the company’s proved and probable reserves before tax is $187.8 million ($124 million after tax), representing an increase of 106% over last year.
In December 2008, BNK received approval to drill three additional wells in one of its sections at an 80-acre spacing pattern, which it says would allow for eight wells per section or more than 340 total gross wells for the project.