CAMARILLO, California, Oct. 28, 2019 /CNW/ - BNK Petroleum Inc. ("BNK" or the "Company) (TSX:BKX, OTCQX: BNKPF) provides an update on the Company's strategic review process.
As previously disclosed, the Company established a Special Committee and engaged Macquarie Capital Markets Canada Ltd. as financial advisor in connection with a comprehensive review of strategic options to optimize the capitalization and growth prospects of the Company to enhance shareholder value.
As part of this process, the Company opened a corporate data room to several interested parties who executed confidentiality agreements. The Company had strong initial interest in its process, and the process is continuing, however the Company currently has not been provided transaction terms that the board of directors determined to be in the best interests of BNK and its shareholders, after due consideration including advice from the Company's advisors.
David Neuhauser, Chairman of the Special Committee of the board of directors, commented: "Our efforts to identify and evaluate strategic options are ongoing. Meanwhile, the Company continues to generate positive cash flow and remains focused on its business plan of increasing production and cash flows to unlock value for shareholders."
The Company cautions that there are no guarantees that the review of strategic options will result in any specific alternative path being pursued.
Further information along with BNK's current presentation can be found at www.bnkpetroleum.com
About BNK Petroleum Inc.
BNK Petroleum Inc. is a US focused energy company focused on finding and exploiting large oil and gas reserves. The Company owns and operates a focused oil property concentrated in the Southern SCOOP play/Ardmore basin of Oklahoma. BNK continues to aggressively target growth in production and reserves through the application of new and proven technologies by its team of experts. The Company has corporate office in Camarillo, California and a registered office in Vancouver, Canada.
SOURCE BNK Petroleum Inc.