BNK Petroleum announces funding

BNK Petroleum Inc. has announced that it has entered into an agreement with a syndicate of underwriters who have agreed to purchase 15,800,000 common shares of the company at CDN$2.85 per Common Share to raise gross proceeds of CDN$45,030,000.

The net proceeds from this Offering will be used to fund the Company's exploration and development program in Europe and the United States and for general corporate purposes.

In March 2010, BNK announced  its European subsidiary, Indiana Investments Sp. z o.o., had been awarded three oil and gas concessions in the Baltic Basin of Poland by the Ministry of Environment.  The three concessions, Darlowo, Bytow and Trzebielino, are directly adjacent to BNK’s Slawno and Slupsk concessions where BNK intends to drill its first well in late second or early third quarter of this year.

These acquisitions brings BNK’s acreage holdings in Europe to approximately 3 million gross acres and 2.65 million net acres.

Source: BNK Petroleum Inc.