BNK Petroleum Inc. Appoints New Director and Announces Credit Facility Reaffirmation

TSX ticker symbol; BKX

CAMARILLO, CA, Nov. 1, 2016 /CNW/ - BNK Petroleum Inc. (the "Company") (TSX: BKX) is pleased to announce that David Neuhauser has been appointed as a new director of the Company. 

Mr. Neuhauser is Founder and Managing Director of Livermore Partners based in the Chicago suburb of Northbrook, Illinois.  Livermore Partners LLC is a private investment firm serving institutions, high-net worth individuals and private equity sponsors. David has extensive experience in capital markets and M&A activity and has over 20 years of experience in strategic investments including Oil & Gas. Prior to founding Livermore, Mr. Neuhauser was founder and President of Loren Holdings Incorporated, a company focused on strategic investments across a broad group of industries. Mr. Neuhauser was a longtime member of the CME Group (NYSE:CME) as well as the National Futures Association. He received his B.A. with concentrations in Economics from Northeastern Illinois University and has conducted Graduate studies in Economics and Sociology from Roosevelt University of Chicago. Mr. Neuhauser is a current Board member of TSX Venture Exchange listed Mitra Energy Inc.

Ford Nicholson, Chairman of the Board, commented: "We are very pleased to have someone with David's wealth of experience and expertise join our team.  We believe that David will bring a tremendous benefit to our Company and its shareholders, which started with the support that David brought to our recently announced financing through the participation of Livermore Partners.  We welcome David to our Board of Directors."

The Company also announces that the existing lenders have reaffirmed their commitment amount under the Company's credit facility at US$24,400,000 pursuant to the semi-annual review and redetermination of the borrowing base.  The other terms of the US$100,000,000 facility remain the same.  The Company currently has US$20,500,000 outstanding under the facility.

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 oil and gas properties and concessions in the United States. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.

SOURCE BNK Petroleum Inc.

Wolf E. Regener, [phone], Email: [email protected], Website: www.bnkpetroleum.com