Soros Backs BNK Shale Efforts

BNK Petroleum Inc. has announced a Cdn.$66 million in equity funding from Quantum Partners LP, a private investment fund managed by Soros Fund Management LLC.

Saponis Investments, a venture of BNK Petroleum and it partners Rohöl-Aufsuchungs Aktiengesellschaft, Sorgenia E&P S.p.A. and LNG Energy Ltd, is to commence drilling Poland’s second shale gas well in October.

Upon completion of funding, Quantum will hold approximately 19.5% of the Company's issued and outstanding shares.  BNK said that it  intends to use the net proceeds of the private placement for general corporate purposes, including work commitments on its European shale gas concessions.