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BNK presses Tishomingo field work, adds land

By OGJ editors
HOUSTON, Sept. 18 -- BNK Petroleum Inc., Camarillo, Calif., formerly Bankers Petroleum Corp., signed gas sales and gas processing agreements and acquired more acreage near southern Oklahoma's Tishomingo field, where it is producing gas and oil from Mississippian-Devonian Woodford shale.

Production rates from all wells drilled in 2007 and 2008 in the Ardmore basin field have been facility-constrained, the company said.

About 29 MMcfd of gas processing capacity is to be available at the field by late September 2008 and another 17 MMcfd by early October. This will enable BNK to complete its wells and send its gas for processing as the gathering system is built out.

BNK, which has an average 50% working interest in Tishomingo field, has drilled and cased 24 wells in 2008 and is drilling 4 more wells. BNK operates 19 of the wells, and 24 of the wells are horizontal. Only 6 of the 2008 wells have had frac jobs.

Cumulative production from the Dunn 2-1H well exceeds 155 MMcf of gas, 13,000 bbl of oil, and 7,700 bbl of natural gas liquids. The company tried a modified frac technique on the Barnes 7-1H well and tested only about one third of the horizontal well bore, which is producing 95 b/d of oil, 650 Mcfd of gas, and 32 b/d of NGL. Other wells are in various stages of completion and testing.

Meanwhile, BNK acquired 1,040 net mineral acres adjoining its current acreage block in the field in Carter and Johnston counties. The purchase includes 177 acres by farmout on which the company is obligated to spud a well by Oct. 22. BNK also hiked its interest to 50% from 10% in the Onella Hartwell 1-19 well, due for completion later in 2008.

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