BNK Petroleum Inc. announced Thursday it has secured an increase in its credit facility and plans to use some of the money to fund its 2018 drilling program.
The Camarillo oil and gas producer said its next well will be in its Tishomingo field in Oklahoma. Drilling will begin in January.
The company also said it has increased its borrowing base to $30 million on its revolving credit line with BOK Financial. Additionally, it has retained financial advisors Macquarie Capital Markets Canada Ltd. and KLR Group LLC to review options that may include drilling funds, joint ventures and other means to accelerate growth of its reserves.
“Following up on the success of our 2017 drilling program, we are now finalizing plans for our 2018 drilling program, which will be funded through existing cash flow and the increased credit available under our credit facility,” Chief Executive Wolf Regeners said in a statement.
Shares of BNK (BKX.TO) closed Thursday up 3 cents or 7.3 percent to 44 cents on the Toronto Stock Exchange.