CALGARY, Alberta, May 20, 2011 /PRNewswire/ -- BNK Petroleum Inc. (the "Corporation") (TSX: BKX), announces that as part of its commitment to sound corporate governance practices and transparency and following discussions with ISS, the Corporation has undertaken to amend its Stock Option Plan, by adding a new provision that will become effective on a going forward basis, to the following effect:
"Maximum non-employee director participation under the Stock Option Plan is limited to an annual equity award value of CDN$100,000 per non-employee director, provided that this limit shall not apply in respect of an initial grant of options to a newly appointed or elected non-employee director."; and
by adding a new section to the amendment clause in the Stock Option Plan that requires shareholder approval for any change to the foregoing provision.
While such amendments exceed current requirements of the Toronto Stock Exchange ("TSX") pertaining to such plans, the Board of Directors, in pursuing its objective of transparency regarding the Corporation's processes and procedures, intends to approve such modifications. The Corporation expects to submit such amendments for the approval of the TSX following its 2011 Annual General Meeting of Shareholders but prior to the grant of any further options thereunder.
About BNK Petroleum Inc.
BNK Petroleum Inc. is an international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays. Through various affiliates and subsidiaries, the Company owns and operates shale gas properties and concessions in the United States, Poland and Germany. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects outside of North America. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
For further information: Wolf E. Regener +1-805-484-3613 Email: email@example.com Website: http://www.bnkpetroleum.com
SOURCE BNK Petroleum Inc