BNK Petroleum Inc. Begins Fracture Stimulation of the WLC 14-2H Well

Commenting on the announcement, Wolf Regener , President and CEO, said:

"The Company is continuing its 2018 drilling and completion program with the fracture stimulation of the WLC 14-2H well.  We are looking forward to the flowback of the WLC 14-2H well, following the excellent, previously announced results of the Glenn 16-2H well, which had the highest 30 day oil IP rate in the Company's history.  The fracture stimulation of the WLC 14-2H well will utilize our latest generation frack design, which our technical team believes was the main reason for the exceptional performance of the Glenn 16-2H well. The Glenn well was producing at an oil rate which is about 45% higher than our next highest well's production at the 30 day production mark and continues to perform well. The hydrocarbon shows recorded while drilling the WLC 14-2H lateral look comparable to our best wells in the field. 

"We expect to be able to release early results from this well in late May. The WLC 14-2H location is outside of the acreage that was evaluated in our year end NI 51-101 reserve report.  A successful well at this location, which is 2 miles to the east of the Glenn 16-2H well, would potentially prove up significant additional reserves, continue demonstrating the repeatability of our results and further increase our cash flow.

"At today's closing oil price of $67.25 a barrel, our incremental netbacks for these wells are estimated to be approximately $37 a barrel which represents a substantial contribution to our cash flow.  We are projecting a total cost of $5.7 million for the WLC 14-2H well, which includes facilities and hookup."

The Company has commenced planning activities for the next locations to be drilled as part of the 2018 development drilling program using its operating cash flow. Concurrently, and as previously disclosed, the Company and its financial advisors continue to explore various alternatives, including options to accelerate drilling.

Wolf E. Regener , +1(805)484-3613, Email: investorrelations@bnkpetroleum.com

Website: http://www.bnkpetroleum.com

All $ are USD