BNK Petroleum reports first quarter
BNK Petroleum reported it's first quarter results and it is an improvement.Earnings went to $250,000 from a small loss.Capital expenditures went from $2,492,000 to $12,954,000.While production went from 1674 barrels to 962 barrels per day.However the price of their products went up so their netback on each barrel went from $19 a barrel to $57 a barrel.
A New Start
BNK sold all their assets in 2013 but with their money they found a successful field in the Caney formation of the Tishimongo field.They developed a field in Poland and increased production in USA.So in 2013 they made revenues of $5.5 million and cash flow of $3 million.They got two new wells in May.Their well in Poland will spud in early June.They are fracture stimulating two new wells now getting ready for production by June or July.Also their two USA wells are getting increased production of 15%.In total,oil revenues increased by 183% while natural gas liquids increased to$1.3 million and natural gas by almost $1 million.
2014
BNK did not give guidance but 2014 should be a good year.They just recently made a positive cash flow after selling all their Woodford assets.Q1 had a small positive cash flow($250,000) and production in May has already risen from 962 barrels to 1150 barrels with two to three wells expected to spud in June.This while the price of natural gas is rising.It would not be unreasonable to see earnings of $2 to $3 million for 2014 if only one unexplored well comes onstream in 2014.
A New Start
BNK sold all their assets in 2013 but with their money they found a successful field in the Caney formation of the Tishimongo field.They developed a field in Poland and increased production in USA.So in 2013 they made revenues of $5.5 million and cash flow of $3 million.They got two new wells in May.Their well in Poland will spud in early June.They are fracture stimulating two new wells now getting ready for production by June or July.Also their two USA wells are getting increased production of 15%.In total,oil revenues increased by 183% while natural gas liquids increased to$1.3 million and natural gas by almost $1 million.
2014
BNK did not give guidance but 2014 should be a good year.They just recently made a positive cash flow after selling all their Woodford assets.Q1 had a small positive cash flow($250,000) and production in May has already risen from 962 barrels to 1150 barrels with two to three wells expected to spud in June.This while the price of natural gas is rising.It would not be unreasonable to see earnings of $2 to $3 million for 2014 if only one unexplored well comes onstream in 2014.
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