BNK Says Competition Slows Pursuit for Shale Acreage

BNK Petroleum Inc. continues to pursue concession applications in various European countries with a view to increasing the number of European basins in which it has holdings.

The company stated that progress of many of the concession applications is slowing as a result of increased competition and awareness of shale gas potential in Europe.

In Germany, BNK said that it had undertaken additional geological work to further high-grade its concessions and to gather additional data from not only the primary shale targets but also from the secondary shale targets on the concessions.  The Company intends to begin the German concession farm-down process during the second quarter 2011.

BNK said that has also agreed to acquire from an unidentified arm's length party the minority interest it does not already own in an entity formed to pursue other oil and gas concession applications within Europe.

Source: BNK Petroleum Inc.