Oil & Gas Explorer to Evaluate Options for Developing SCOOP Asset1st April 2019
The Energy Report
Source: Streetwise Reports 03/28/2019
The goal is to optimize the capitalization and growth prospects of the company.
BNK Petroleum Inc. (BKX:TSX; BNKPF:OTCQX) announced in a news release it will begin to delineate and assess various ways to optimize capitalization and growth, aiming to increase shareholder value, as it advances its Tishomingo project, “a strategic and highly focused shale oil property concentrated in the Southern SCOOP play/Ardmore Basin of Oklahoma,” into the development phase.
The board of directors has created a special committee, to be chaired by David Neuhauser, to work with management and BNK’s outside advisers to “identify, examine and evaluate all strategic options and recommend to the board whether any transaction is in the best interests of BNK and its shareholders,” the release noted.
The options will be narrowed to those that would result in the development of Tishomingo at the lowest capex but also would maximize shareholder value. As such, they might include an asset sale, corporate sale or merger, joint venture, drilling fund, refinancing, recapitalization or some other action. Or potentially, the company could elect to not pursue any of them and continue its operations and business strategy as they are.
BNK has engaged the services of Macquarie Capital Markets as a financial advisor “in connection with this comprehensive review and analysis of strategic options.”
The company noted that it has “not set a definitive schedule to complete its identification, examination and evaluation of strategic options or made a decision to pursue any particular action.”
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( Companies Mentioned: BKX:TSX; BNKPF:OTCQX,
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