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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.
read more... || collapse
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.
