PAY ATTENTION to what the OTHER hand is doing:
George Soros fund to invest C$66 mln in BNK Petroleum
REUTERS — 10/19/10 <<<<<NOTE DATE!
* BNK Petroleum (Symbol :BNKPF) to place shares with Quantum Partners
* To sell 26 mln shares at C$2.54 apiece
* Shares up about 8 pct
Oct 19 (Reuters) – BNK Petroleum Inc (Symbol :BNKPF) will raise C$66 million by selling shares to a fund managed by billionaire George Soros to develop its shale gas assets in Europe, sending shares of the junior gas explorer up 8 percent Tuesday morning.
BNK Petroleum (Symbol :BNKPF) said it will place 26 million shares at C$2.54 apiece with Quantum Partners LP, a private investment fund managed by Soros Fund Management LLC.
The deal, which will give Quantum Partners a 19.5 percent stake in the company, is at 4 percent premium to BNK stock’s Monday close of C$2.45.
Bnk Petroleum Inc. Announces Increase in Available Credit Under Reserve Based Facility
Press Release Source: BNK Petroleum Inc. On Wednesday November 10, 2010 (**Note date), 8:38 pm EST
CAMARILLO, CA, Nov. 10 /PRNewswire-FirstCall/ – BNK Petroleum Inc. (the “Company“) (TSX:BKX.to – News) announced today that BNK Petroleum (US) Inc.’s Credit Facility has been amended to increase the amount of credit available under the borrowing base to $23.8 million from $20 million. The Bank of Oklahoma N.A. is providing this additional credit line of $3.8 million. As previously announced on October 25, 2010, Amegy Bank of Texas and its affiliate Vectra Bank Colorado advanced the Company $20 million against its $20 million credit line. The Company has no current plans to utilize this additional $3.8 millionin available credit. BNK Petroleum (US) Inc. is the Company’s indirect wholly-owned subsidiary which holds its US oil and gas interests.
Obama’s Enthusiasm for Gas Drilling Raises Eyebrows
By MIKE SORAGHAN
November 4, 2010 <<NOTE DATE!
President Obama’s newfound interest in expanded natural gas drilling yesterday surprised many on all sides of the drilling debate, from environmentalists to drillers and even the coal industry.
Representatives of drilling groups said they had no idea that Obama would make natural gas his lead olive branch to the newly empowered Capitol Hill Republicans. But they were pleased that he did.
“I was surprised by the venue,” said Chris Tucker, spokesman for Energy In Depth, a drilling industry group formed to fight off federal regulation of shale gas drilling.
Obama’s remarks seemed to refer to vast new sources of shale gas in Pennsylvania, Texas and their neighboring states. Improvements in “hydraulic fracturing” technology have allowed production from formations under those states previously thought to be too expensive to exploit (E&ENews PM, Nov. 3).
“We’ve got, I think, broad agreement that we’ve got terrific natural gas resources in this country,” Obama said when he was pressed for issues on which he could compromise with Republican leaders. “Are we doing everything we can to develop those?”
Tucker said Obama’s remarks were in line with the actions of some of his Cabinet departments.
“The president’s remarks yesterday fit perfectly with a State Department that is actively looking to export the shale revolution globally, an Energy Department that views shale as a fuel with enormous potential for our future and an EPA that has consistently stated that the technology needed to produce shale gas is safe,” Tucker said.
Another gas group, America’s Natural Gas Alliance, called Obama’s remarks “And they were his strongest public comments to date in support of natural gas.”
But not everyone sees gas drilling as so “terrific.” Environmentalists are worried that the “hydraulic fracturing” technology used to pry loose the gas could contaminate drinking water.
And the coal industry, which has been feuding with gas producers about replacing coal generation with gas-fired electric plants, did not appreciate Obama’s apparent focus on gas. While he specifically mentioned gas production twice, along with energy efficiency and electric vehicles, he did not mention coal.
“Obviously, we were very disappointed the president didn’t mention clean coal technology,” said Carol Raulston of the National Mining Association. “If it was a purposeful omission, we don’t believe it will be a successful olive branch.”
NOW THE CLINCHER: (CONNECT THE DOTS)
ABOUT BNK Petroleum Inc.
At this time, all of BNK Petroleum’s production is located in Oklahoma in it’s Tishomingo Field. BNK also has prospective acreage in Texas, New York and Mississippi/Alabama- three additional distinct basins considered to be of high potential for natural gas.