Poland: BNK Begins Drilling on its Trzebielino concession

BNK Petroleum Inc. has commenced drilling the Miszewo T-1 well on its Trzebielino concession block in Poland.

Drilling at the concession, which is held by BNK's wholly owned subsidiary Indiana Investments Sp. z o.o., is expected to take approximately 40 days.

The drilling rig will subsequently to move to the Gapowo location on the Bytow concession block.

BNK states that an objective of these wells is to verify the Company’s geological model, which indicates that the target shales on the Trzebielino and Bytow concessions were deposited in a deeper basin environment than encountered by the previously drilled wells. The deeper environment and transgressive nature of the deposit is expected to lead to richer and thicker organic shales than found in the Lebork S-1 well.

Saponis Investments Sp. z o.o., in which BNK holds a 26% ownership, has scheduled further work in April 2012 on its Lebork S-1 well. The work will include recovery of the long term pressure test gauges that were installed in October 2011 to obtain valuable reservoir information. In additional, an injectivity test and long term leakoff test will be performed to confirm injection rates and pressures. The data collected will be used to finalize the re-stimulation program, which will be scheduled once approval is received from the Saponis shareholders.