Energia
BNK Petroleum Inc. announces shareholder meeting and corporate update
All shareholders are entitled to attend and vote at the Meeting in person or by proxy; however, the Board of Directors of the Company is requesting that due to the current COVID-19 pandemic, all shareholders vote their shares by proxy and not attend in person.
Shareholders that wish to access the meeting by teleconference can do so by requesting the dial-in details to our conference line from Barbara Fox at bfox@bnkpetroleum.com . Please dial-in 5-10 minutes prior to the scheduled start time.
The Meeting materials, including the Company's management information circular, are available on the Company's website and SEDAR and are being mailed to shareholders as of the record date.
The Company also announces that it is exploring strategic growth and development through multiple avenues as an energy company. In addition to pursuing further development of its existing oil and gas assets and accretive energy acquisitions, the Company is also pursuing clean technology energy opportunities to diversify its business into sustainable energy. This would enable the Company to take advantage of capital that is being allocated to cleaner energy. The Company's board and management believe it is prudent to include sustainable energy opportunities in the pursuit of shareholder value creation as foreign and domestic governments and investors are increasingly allocating capital to greener energy investments.
To facilitate the rapid pursuit of these opportunities, the board of directors has decided to reduce the size of the board. Accordingly, three of the Company's existing directors, Ford Nicholson, General Wesley Clark and Victor Redekop , are not standing for re-election at the Meeting.
President and Chief Executive Officer, Wolf Regener commented: "Ford, Wesley and Victor have been with the Company from the beginning. We wish to thank them for their many contributions and hard work over the years. We wish them all the best in their other endeavors."
The Company's four remaining directors, David Neuhauser , Eric Brown , Leslie O'Connor and Wolf Regener , are up for re-election at the Meeting. No additional board members are being proposed at this time.
To complement the new direction, the Company plans to change its name to Kolibri Global Energy Inc. The Company believes that this will more accurately reflect the growth and diversity of its new strategy. The Company plans to concurrently change its TSX ticker symbol to KEI. This change is expected to take place prior to the Meeting.
The Company also announces that its indirect wholly owned subsidiary BNK Petroleum (US) Inc. ("BNK US") has received its bank borrowing base redetermination on its revolving line of credit ("credit facility") from BOK Financial ("BOKF"). The redetermination moved the borrowing base to $22 million , and BNK US has agreed to make future principal payments to further reduce the borrowing base to $18.6 million by May 2021. Subsequent to the redetermination, BNK US made a principal payment of $0.5 million to bring the outstanding balance to $21.5 million .