After mixed results for the second quarter, U.S. shale player BNK Petroleum said it was anticipating more production from its assets in Oklahoma.

BNK Petroleum Inc., which has headquarters in California, said Monday it completed the hydraulic fracturing process at a well in the SCOOP shale basin in Oklahoma and expects stable flows by next month.

"We anticipate that this will lead to a highly productive well," President and CEO Wolf Regener said in a statement.

Oklahoma is home to about 4 percent of the total petroleum reserves in the country and accounts for as much as 5 percent of the total crude oil production in the United States.

BNK reported net average production for the second quarter was 16 percent lower than the same time last year in part because of natural field declines. Last week, the company said some of its production would recover over the next few months as it works to pump off the rest of the fluids used in the fracking process.

Net income was $56,000, compared with a $5.3 million loss reported during the second quarter of last year.

A slight recovery in crude oil prices from last year has helped boost the financials for most oil and natural gas companies. In June, however, Oklahoma Gov. Mary Fallin signed off on a 3 percent increase in gross production taxes to help offset a weakened state budget.

Shale work in Oklahoma is under close monitoring because of a new fault located in the region by the U.S. Geological Survey. A magnitude-2.9 event was reported in central Oklahoma early Monday by the USGS.

Tweet

Canada: province hires special counsel to help fight pipeline
Ottawa (AFP) Aug 10, 2017
British Columbia's new social-democratic government hired external counsel Thursday to review a pipeline expansion in Canada's westernmost province, after vowing during a recent election to kill the project. Officials also said they would seek to join a court challenge of the Trans Mountain project and try to revive consultations with affected indigenous groups. That was a key condition of t ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only