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BNK Petroleum Inc. Announces 3rd Quarter 2012 results

CALGARY, Nov. 12, 2012 /PRNewswire/ - All amounts are in U.S. Dollars unless otherwise indicated:

  Third Quarter   First Nine Months  
      2012 2011 % 2012 2011 %
               
Earnings (Loss):            
$ Thousands $(4,260) $(274) L $(10,410) $18 L
$ per common share $(0.03) $0.00 L $(0.07) $0.00 L
assuming dilution            
               
Capital Expenditures $12,746 $11,436 11% $36,104 $23,180 56%
               
Average Production (Boepd) 1,547 1,868 (17%) 1,547     1,503 3%
Average Product Price per Barrel $34.11 $46.81 (27%) $35.01    $46.79 (25%)
Average Netback per Barrel $17.77 $28.27 (37%) $17.71   $27.56 (36%)
               
    9/30/2012   12/31/2011     9/30/2011  
               
Cash and Cash Equivalents $10,285   $40,496   $41,957  
Working Capital $7,904   $39,697   $46,154  

BNK's President and Chief Executive Officer, Wolf Regener commented:

"Third Quarter results reflect our continued investment in Poland as we seek to discover new large shale gas reserves in that country as well as continued investment in our Oklahoma assets.  In Poland we believe we are much closer to proving that shale gas will work in Europe with our Gapowo B-1 well results.  We are looking forward to obtaining the approvals needed to drill the lateral to test the overpressured, high gas show intervals that we encountered.  In the United States our production from the Woodford shale has begun increasing once again and we look forward to further evaluation of the mainly oil producing Caney/Sycamore lime interval in the same field.  The Caney/Sycamore lime could add substantial reserves and it should generate much higher net backs since it is anticipated to be mainly oil, based on our early results.

In the third quarter the Company incurred a loss of $4.3 million versus a loss of $.3 million in the third quarter of 2011.  For the first nine months of 2012 the Company incurred a loss of $10.4 million versus a profit of $18,000 earned in the first nine months of 2011.  In the third quarter oil and gas revenues before royalties were up $549,000 over 2nd quarter 2012, but declined $3.2 million in comparison to the third quarter 2011, due to a lower average natural gas prices and NGL prices coupled with reduced average total daily production.  Other income in the third quarter declined $1.1 million due to lower management fee income.

For the comparative nine month periods oil and gas revenues before royalties declined $4.4 million due to lower natural gas and NGL prices.  Other income in the comparative nine month period declined $2.5 million due to a sale of seismic data in 2011 and lower management fee income.  Expenses increased $3.6 million between the comparative nine month periods due to higher general and administrative expenses resulting from the Company's expanding European operations.

Capital expenditures were $12.7 million in the quarter and $36.1 million through the first nine months of 2012 as we continue to explore for large shale gas reserves in Poland through our 100% owned Indiana Investments Sp z o. o. subsidiary ("Indiana") and further develop our Tishomingo assets both in operated and non-operated wells primarily operated by XTO Energy.

As recently announced we remain very encouraged with the data we have obtained from analyzing the core samples obtained from the Gapowo B-1 well in Poland.   The data validates our geologic model of increasing thickness and organic content over the target interval and are consistent with analyses indicating over pressured permeable shales.  We await approval to drill a lateral out of the Gapowo B-1 wellbore.

The Company's ongoing analysis in Germany has determined that a number of the targets that the Company is pursuing have a higher risk profile due to new data gathered.  The Company will be deciding whether to continue pursuing a number of these projects in the coming months.

We are excited about the results of our testing of the Company operated horizontal Barnes 6-2H well targeting the Lower Caney and Upper Sycamore formations in Oklahoma.   After fracture stimulation we are seeing production in the range of 170 to 250 barrels of equivalent oil per day with 80% of that production being crude oil after flowing back only 32% of the fracture stimulation fluid.  Accordingly we expect to see higher production as flow back increases.  Testing of the Sycamore and two lower zones of the Caney formation will confirm the production rates of each zone and the data obtained will be used to position future horizontal wells to maximize production rates.

We are exploring several options to secure new sources of working capital.  These include up front cash proceeds obtained from a possible farm-out arrangement relating to certain of our European concessions, a potential increase in the borrowing base against our Oklahoma assets as well as potential proceeds from selling additional equity in the Company. We are confident that the combination of cash on hand, cash from operations and these potential new sources of working capital if successfully completed will be sufficient to meet the cash needs of the Company for the foreseeable future.

THIRD QUARTER HIGHLIGHTS:

  • Capital Expenditures increased 11% in the quarter to $12.7 million of which $7.1 million was spent in Poland relating to our Indiana concession and $5.0 million was spent in Oklahoma primarily to develop the Caney formation
  • The Polish Ministry of Environment provided positive Environmental Decisions allowing the Company to drill slightly deeper at both the Miszewo T-1 and Gapowo B-1 wells
  • The Company-operated Barnes 6-2H well in Oklahoma targeting the Lower Caney and Upper Sycamore formations (Mississippi Lime Equivalent) was fracture stimulated in 13 stages over an approximate 4,300 lateral
  • Cash used from operating activities before changes in working capital and long-term receivables was a negative $234,000 in the quarter
  • Loss of $4.3 million versus a loss of $.3 million in the third quarter of 2011 due to lower oil and gas revenues of $2.6 million and lower other income of $1.1 million
  • Cash and working capital totaled $10.3 million and $7.9 million respectively at September 30, 2012

Third Quarter 2012 to Third Quarter 2011

Oil and gas revenues before royalties declined 40% or $3,191,000 in the quarter to $4,855,000.   Oil revenues were $2,170,000 in the quarter versus $3,396,000 in the third quarter of 2011 or a decline of 36% as average oil production in the comparative quarters declined 39% due to normal declines from existing wells and not many new wells being drilled in 2012.  Average crude oil prices increased 5% between quarters to an average of $90.03 a barrel.  Natural gas revenues declined 48% to $902,000 as natural gas prices declined 37% between quarters while natural gas production declined 16%.  Natural Gas Liquids (NGLs) revenue declined 39% to $1,783,000 as average NGL prices declined 37% while NGL production between quarters declined 4%.

Other income declined $1,163,000 between quarters due to lower management fees relating to its role as Manager of Saponis Investments Sp z o.o. ("Saponis").

Exploration and evaluation expenses declined $209,000 as more pre-concession costs were incurred in the third quarter of 2011.  Production and operating expenses declined 16% commensurate with the 17% decline in average daily production between quarters.

General and administrative expenses increased 21% or $677,000 to $3,940,000 primarily due to higher payroll and associated costs of $431,000 and higher professional fees.

Stock Based Compensation expense declined $295,000 to $210,000 due to fewer stock options being granted. Legal restructuring expenses declined $435,000 to $135,000 as the legal restructuring of the Company's European operations is nearing completion.

Finance Income declined $1,736,000 to $490,000 as 2011 results included a $1,797,000 unrealized gain on financial commodity contracts.  Finance Expense declined $1,028,000 between quarters to $1,781,000 primarily due to lower foreign currency losses between quarters of $2,272,000 partially offset by an unrealized loss in the third quarter of 2012 of $1,091,000 on financial commodity contracts.

Cash declined $7,026,000 in the past three months due to $12,746,000 in capital expenditures, a loss net of non-cash charges in the third quarter of $441,000 offset by increased borrowings of $4,200,000 plus changes in working capital. The Company estimates that it incurred $5,700,000 in additions to Exploration and Evaluation Assets as a direct result of the requirement to obtain a positive Environmental Decision from the Polish Ministry of Environment to drill slightly deeper than allowed in the original concession applications.

Exploration and evaluation assets increased $8,247,000 in the quarter primarily relating to drilling and seismic costs pertaining to the Company's Indiana concession.

Trade and other payables increased $3,628,000 primarily resulting from costs incurred in Poland while loans and borrowings increased $4,261,000 due to increased borrowings of $4,200,000 in the quarter and amortization of debt issue costs.

FIRST NINE MONTHS 2012 VERSUS FIRST NINE MONTHS 2011 HIGHLIGHTS:

  • Capital expenditures increased 56% or $12.9 million to $36.1 million of which $26.2 million relates to capital expenditures incurred at our Indiana concession, $8.6 million incurred in Oklahoma and $1.3 million in the rest of Europe
  • Average production increased 3% to 1,547 barrels a day
  • Average product prices declined 25%
  • A net loss of $10.4 million was incurred versus a profit of $18,000 in 2011 primarily due to lower oil and gas revenues of $4.4 million, higher general and administrative expenses of $4.8 million and lower finance income of $.9 million

First Nine Months 2012 to First Nine Months 2011:

Oil and natural gas revenues before royalties declined 23% or $4,355,000 to $14,844,000.  Oil revenues decreased 12% or $888,000 to $6,703,000 due to a 15% reduction in production as natural declines set in from higher activity levels in 2011 than 2012.  Average crude oil prices increased 3% to $93.63 a barrel.  Natural gas revenues declined 36% or $1,480,000 to $2,592,000 due to a 41% decline in average natural gas prices to $2.43 an mcf.  Through nine months natural gas production has increased 8%.  NGL revenues declined 26% or $1,989,000 to $5,547,000 due to average NGL prices declining 31%.  NGL production has increased 7% between periods.

Other income declined $2,479,000 to $735,000 due to the sale of seismic data in 2011 and lower management fees.

Exploration and evaluation expenses declined $1,283,000 to $310,000 due to the write-off of the investment in Black Warrior of $1,091,000 in 2011 and higher pre-concession costs last year.

Production and operating expenses increased 6% or $258,000 to $4,549,000 as average production  increased 3% and current year operating expenses include $390,000 in workover expenses partially offset by the rebate of production taxes in Oklahoma.

Depletion and depreciation expense increased 21% or $906,000 to $5,205,000 primarily due to increased production applied on a higher depletable base.

General and administrative expenses increased $4,775,000 or 66% to $12,064,000 due to increased payroll and related costs of $2,173,000 and increased professional fees (legal, accounting, trust services, public relations and consulting) primarily related to our European operations of $2,202,000 and higher rent and office costs of $217,000.

Stock based compensation declined $1,110,000 or 62% to $685,000 due to fewer stock options being issued.

Finance income declined $864,000 to $1,260,000 primarily due to lower net gains on financial commodity contracts of $985,000.  Finance expense declined $324,000 primarily due to reduced foreign exchange losses between periods of $675,000.

Cash has declined $30,211,000 since yearend 2011 primarily due to capital expenditures of $36,104,000, losses less non-cash charges of $4,107,000 net of $8,200,000 in new borrowing plus changes in working capital.

 
BNK PETROLEUM INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited, Expressed in Thousands of United States Dollars)
      September
30,
  December
31,
 
      2012   2011  
Current assets            
  Cash and cash equivalents   $ 10,285 $ 40,496  
  Trade and other receivables     14,583   11,509  
  Deposits and prepaid expenses     2,697   2,309  
  Fair value of commodity contracts     817   738  
      28,382   55,052  
             
Non-current assets            
  Long-term receivables     1,511   1,928  
  Fair value of commodity contracts                    126   311  
  Property, plant and equipment     154,107   150,313  
  Exploration and evaluation assets     42,860   14,911  
      198,604   167,463  
             
Total assets   $ 226,986 $ 222,515  
             
Current liabilities            
  Trade and other payables   $ 20,478 $ 15,355  
             
Non-current liabilities            
  Loans and borrowings     31,736   23,353  
  Asset retirement obligations     1,826   1,769  
  Warrants     16   262  
      33,578   25,384  
             
Equity            
  Share capital     247,326   247,207  
  Contributed surplus     16,220   14,775  
  Deficit     (90,616)   (80,206)  
Total equity     172,930   181,776  
             
Total equity and liabilities   $ 226,986 $ 222,515  


  BNK PETROLEUM INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited, expressed in Thousands of  United States dollars, except per share amounts)
         
    Third Quarter   First Nine Months
    2012   2011   2012   2011
                 
Oil and natural gas revenue, net of royalties $ 3,946   $ 6,537 $     12,061   $ 15,599
Gathering income    330   404          1,064   1,354
Other income   260   1,423             735   3,214
    4,536   8,364       13,860   20,167
                 
Exploration and evaluation expenditures     49   258   310   1,593
Production and operating expenses    1,414   1,678   4,549   4,291
Depletion and depreciation   1,757   1,781   5,205   4,299
General and administrative expenses   3,940   3,263   12,064   7,289
Stock based compensation   210   505   685   1,795
Legal restructuring expenses   135    570    1,015       980
    7,505   8,055   23,828   20,247
                 
Finance income         490          2,226       1,260   2,124
Finance expense      (1,781)         (2,809)      (1,702)   (2,026)
                 
Net income (loss) and comprehensive income (loss) $    (4,260)   $ (274)   $     (10,410)   $ 18
                 
Net income (loss) per share                
Basic and Diluted $      (0.03)   $ 0.00 $       (0.07)   $ (0.00)

BNK Petroleum Inc.
Third Quarter 2012
($000 except as noted)
                                       
  3rd Quarter    First Nine
Months
          2012 2011   2012 2011
Oil revenue before royalties   $   2,170 3,396   6,703 7,591
Gas revenue before royalties     902 1,720     2,592 4,072
NGL revenue before royalties     1,783 2,930   5,547 7,536
Oil and Gas revenue     4,855 8,046   14,842 19,199
                   
Cash Flow provided (used) by operating activities (1,799)   1,270   (10,495)     374
Capital Expenditures   (12,746) (11,436)   (36,104) (23,180)
Proceeds from Loans and Borrowings  4,200  0     8,200
Cash Proceeds of Stock Options and Warrants    0     192     63 621


Statistics:                  
          3rd Quarter   First Nine
Months
        2012 2011   2012 2011
Average natural gas production (mcf/d)        3,816 4,564     3,894 3,598
Average NGL  production (Boepd)            649 675        637 597
Average Oil production (Bopd)            262 432        261 306
Average production (Boepd)           1,547 1,868     1,547 1,503
Average natural gas price ($/mcf)         $2.57 $4.10     $2.43 $4.15
Average NGL price ($/bbl)           29.85 $47.15      31.80 $46.25
Average oil price ($/bbl)           90.03 $85.46   93.63 $90.74
                   
Average price per barrel           $34.11 $46.81   $35.01 $46.79
Royalties per barrel           6.40 8.78       6.57 8.77
Operating expenses per barrel               9.94 9.76     10.73 10.46
Netback per barrel             $17.77 $28.27   $17.71 $27.56

The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three months ended September 30, 2011 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile at www.sedar.com.

Non-IFRS Information

Netback per barrel and its components are calculated by dividing revenue, royalties and operating expenses by the Company's sales volume during the period.  Netback per barrel is a non-IFRS measure but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced.  This is a useful measure for investors to compare the performance of one entity with another.  The non-IFRS measures referred to above do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures used by other companies.

The Company also uses the "barrels" (bbls) or "barrels of oil equivalent" (boe) reference in this report to reflect natural gas liquids and oil production and sales.  All boe conversions are derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil, representing the approximate energy equivalency.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including information regarding the proposed timing and expected results of exploratory work including the potential for oil production from the Lower Caney and upper Sycamore formations on the Company's Oklahoma acreage and possible impact of that on the Company's netbacks and resources base, anticipated timing of commencement of drilling, well-deepening, fracture-stimulations, and concession applications.  Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management, including that the Company's geologic models will be validated, that previous exploration results are indicative of future results and success, that discoveries will prove to be economic, that all required permits and approvals, funding from co-venturers and the necessary labor and equipment will be obtained, provided or available, as applicable, when required. Forward looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates, timing and actual results to vary materially from those projected in such forward-looking information.  Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that permits, approvals, equipment and/or funding are delayed or available only on terms that are not acceptable to the Company, political and currency risks and other risks associated with exploration and development of oil and gas projects, including those set forth in the Company's management's discussion and analysis and annual information form filed under the Company's profile on www.sedar.com.

About BNK Petroleum Inc.

BNK Petroleum Inc. is an international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays. Through various affiliates and subsidiaries, the Company owns and operates shale gas properties and concessions in the United States, Poland, Germany and Spain. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects outside of North America. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.

 

 

 

 

SOURCE BNK Petroleum Inc.

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