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Name - Banks Energy
Website -
Click to add
Warrant Symbol -
BKL.WT
Number Trading -
8,035,000
Expiration Date -
November 30, 2006
Cusip -
Warrants called to trade news:
Banks Ventures closes $3,214,000 flow-through financing
2004-06-10 12:27 MT - News Release
Mr. D. Barry Lee reports
BANKS CLOSES FINANCING / COMMENCES EXPLORATION
Banks Ventures Ltd. has closed its non-brokered private placement of flow-through units of the company, and has commenced the seismic portion of its phase 2 exploration and development program at its Freemont/Poundmaker properties in Saskatchewan.
Financing
The company completed the private placement of 8,035,000 flow-through units at a price of 40 cents per unit for total gross proceeds of $3,214,000. The issue was increased due to demand from an original 7.5 million units announced in Stockwatch on April 21, 2004. Each flow-through unit will consist of one flow-through common share of the company and one non-flow-through share purchase warrant entitling the holder to purchase one additional non-flow-through common share of the company at the exercise price of 75 cents for a period of two years from the date of closing. Finder's fees were paid in connection with portions of the private placement. Proceeds will be used to finance the company's phase 2 exploration and development program on its Poundmaker/Freemont properties in Saskatchewan.
Phase 2 exploration and development
Phase 2 exploration and development has already commenced. A 6.77-square-kilometre 3-D seismic program is under way, and the company is preparing to drill four additional development oil wells at Freemont, following up its initial four successful wells drilled there in late 2003. The Freemont wells primary target is the Waseca formation, from which the company is producing the majority of its current production of approximately 200 barrels of oil per day.
In addition to Freemont, three exploratory natural gas wells will be drilled on the Poundmaker reserve, near the site of the company's 2003 discovery well. The Poundmaker gas program is to commence in July, 2004.
Banks Energy completes phase 2 drilling and exploration
2004-11-30 14:19 ET - Warrants Called to Trade
Mr. D. Barry Lee reports
BANKS TO DOUBLE OIL PRODUCTION -- CONTINUES 100% DRILLING SUCCESS
Banks Energy Inc.'s phase 2 of exploration and development drilling program in
Saskatchewan is now complete, and has been a 100-per-cent success in heavy oil
development drilling at Freemont, as well as in both of its exploratory natural gas
plays.
Freemont
Since commencing the phase 2 program in October, the company has drilled,
completed and equipped five development oil wells at its Freemont property, adding
to its four producing wells drilled there in December, 2003. The company projects
stabilized production at Freemont of approximately 405 barrels of 14-16-degree API
oil per day, primarily from the Waseca and Sparky zones. A majority of the nine wells
are capable of producing from both the Waseca and the Sparky formations, although
regulations do not permit simultaneous production. Each well has been equipped
with a downhole pump and 750-barrel production/sales tanks, with sales oil
currently being transported from each well site.
Although only four additional wells were scheduled for the phase 2 program, the
company accelerated the drilling to five wells as a result of available increased
capital from its Freemont revenue. Development at Freemont is expected to continue
through 2005 with infill drilling of numerous identified Sparky and Waseca targets,
based on 3-D seismic. The company will also investigate the production economics
associated with downspacing the field for each zone, which would facilitate the
drilling of additional wells and production. In the absence of any downspacing
application and approval, the company has identified a minimum of five additional
wells to be drilled on the property. Banks pays 100 per cent to earn 100 per cent at
Freemont, subject to a 5-per-cent royalty to the Poundmaker Energy Co., as well as
Crown-equivalent royalties to the Poundmaker Cree Nation through Indian Oil & Gas
Canada.
Homeland/Senlac gas exploration
The company's natural gas exploratory drilling on both the Poundmaker Homeland
reserve and at the Senlac Crown land play have also been 100-per-cent successful.
On the 30,000-acre Homeland reserve, the company has successfully drilled and
cased a third natural gas well, adding to its two earlier successful wells. Testing at
each of the wells has indicated commercial quantities of Mannville formation gas.
The company will drill a fourth and possibly a fifth well at the southernmost portion of
the property, in order to reach a critical gas reserve recovery base, before
proceeding with equipping and building a gas gathering pipeline, compressor, and
sales line to existing TransGas facilities. The company believes a large portion of
the property to be prospective.
At Senlac, exploration drilling continued in November, as the company successfully
drilled, cased and tested its second Senlac natural gas well. The company has
several prospective Mannville gas targets on its 7,500-acre Senlac land parcel, and
plans to drill two additional locations and shoot additional 2-D seismic data in the
first quarter of 2005. The property is in close proximity to a TransGas transportation
pipeline, and access and drilling costs are very reasonable.
Additionally, the company is currently evaluating additional gas prospects and has
also acquired either seismic data and/or land in the process of advancing these
plays.