A good play for the price, company needs some funding but they got excellent assets and no debt. Since BNX.A is looking into the Bakken/Exshaw area, have a look at other plays that took off from holding assets there: PIE.V, VER.V, GX.V, ect

Price: $0.055

O/S: 30 mil

June 30 2010 Presentation: http://www.bnpresources.com/Newsreleases%202010/BNP%202010%20agm%20presentation.pdf

From their last MD&A:
2010 Third Quarter Highlights:
␣ BNP continued to evaluate strategic alternatives going forward that include joint ventures, debt and equity financings, merger opportunities and asset dispositions during these difficult times.
␣ BNP exited Q3, 2010 without any bank debt. ␣ On September 20, 2010 BNP announced the resignations of Gregory Turnbull as a
director and Sanjib Gill as Corporate Secretary of BNP.
␣ On September 24, 2010 BNP announced the following personnel changes; Mr. Ralph M. Claussner, P.Eng. agreed to join BNP as a Consulting Engineer. Mr. Claussner has over 25 years of diverse Western Canada Sedimentary Basin engineering experience and is a member of APEGGA and SPE. In addition, Mr. Toby Schultz, B.Comm, LL.B who has previously been providing legal services to BNP accepted the Corporate Secretary position. BNP also announced the resignation of Mr. Ed Nunes-Vaz, VP Land and Business Development and Director of BNP.
␣ BNP has granted options to Mr. Claussner and Mr. Schultz to each acquire 100,000 Class “A” Shares at a price of $0.10 per share for a term of 5 years. The options vest over 3 years (1/3rd on each of the first, second and third anniversary of the grant date) subject to final approval of the TSX-Venture Exchange.
␣ As a result of a Director and Officer resignation during this quarter 103,333 non- vested issued stock options were terminated.
␣ BNP is evaluating the costs related to the installation of a water disposal facility on site at Jensen. This would further reduce trucking and water disposal costs as well as minimize road wear and tear and production down-time due to weather and allow the Jensen wells to be placed on production.
␣ In Q2 of 2010 Crown landsale activity in the Jensen area erupted. The April 16, 2010 and May 19, 2010 Crown sales yielded aggregate bonuses of approximately $24,000,000 with bid prices as high as $2,752.69 per hectare. The posted lands are located between Township 1 to 2 Range 20-22 W4M. Additional Crown rights are posted for September 2010 sales. In addition, BNP is evaluating the merits of the rumoured Bakken/Exshaw light oil resource play in this area for which BNP holds the
BNP Resources Inc. Quarterly Report   2   Nine Months ended September 30, 2010
rights on its Jensen acreage. The Jensen area activity has continued into Q3 with the September 1, 2010 Crown landsale seeing 16 leases and 3 licences sold for an aggregate bonus of approximately $40,000,000. Several industry players have press released their intentions to drill a number of wells in the Jensen area in the coming year.
␣ Industry operations have been carried out on four new horizontal wells in the immediate Jensen area. Three of the four wells are targeting the Upper Madison (Mississippian) zone, the same zone as the BNP Jensen pool. The fourth horizontal well is believed to be targeting the Bakken/Exshaw zone. BNP will be following the outcome of these wells with great interest.
␣ An average 2010 Q3 daily production rate of 10 BOEP/D.

Level 2 has bids building and thin asks. Could easily hit 10c again, especially with some PP news for their Jenson area project.

BNP Resources Inc
Symbol   C : BNX.A
Shares Issued   29,424,179
Close 2011-02-18   C$ 0.05
Recent Sedar Documents

View Original Document
BNP Resources completes $59,853 share-for-debt deal


2011-02-22 14:11 MT - News Release


Mr. Gregory Bilcox reports

BNP RESOURCES INC. ANNOUNCES SHARE FOR DEBT DEAL

BNP Resources Inc. has completed a share-for-debt deal with one totalling approximately $59,853. The debt obligation relates to a private investor electing to convert his Jensen royalty on BNP interest lands in this area to shares. Under the shares-for-debt settlement, BNP will issue approximately 598,532 Class A shares to the creditor at a price of 10 cents per Class A share. The settlement constitutes full satisfaction of the $59,853 debt obligation that is owed by BNP to the creditor. Upon issuance of the Class A shares to the creditor, the debt owed the creditor and obligations of BNP related to the debt deal will be fully extinguished.

The above agreement has received final approval of the TSX Venture Exchange and the share certificate has been issued.

Im surprised that BNX hasn't taken off like VER/GX/ did, considering its structured much better than those plays in terms of debt and O/S. For an insider to convert his royalty interest into shares at twice the current price is a sign that he probably expects a much larger payout from shares rather than royalties. The one insider that dumped shares last month resigned in 2010 and was the one who made the Jenson equity deal, so he could of been mad about losing the financing and quit, or he was cash strapped. Regardless, insiders still own a large portion and Doody is buying small pieces here are there through TD between 4.5 to 5.5c.
BNP Resources Inc. (BNX)

As of March 16th, 2011
Filing Date    Transaction Date    Insider Name    Ownership Type    Securities    Nature of transaction    # or value acquired or disposed of    Unit Price
Mar 15/11    Mar 14/11    Doody, James Evans    Direct Ownership    Common Shares Class A    10 - Acquisition in the public market   1,000    $0.055
Mar 15/11    Mar 15/11    Doody, James Evans    Direct Ownership    Common Shares Class A    10 - Acquisition in the public market   5,000    $0.055
Mar 15/11    Mar 14/11    Doody, James Evans    Direct Ownership    Common Shares Class A    10 - Acquisition in the public market   1,000    $0.055
Mar 11/11    Mar 10/11    Doody, James Evans    Direct Ownership    Common Shares Class B    10 - Acquisition in the public market   500    $0.450
Mar 11/11    Mar 10/11    Doody, James Evans    Direct Ownership    Common Shares Class A    10 - Acquisition in the public market   4,000    $0.055
Feb 25/11    Feb 24/11    Nunes-Vaz, Edward Henry Bruno    Direct Ownership    Common Shares Class A    10 - Disposition in the public market   -650,000    $0.045
Feb 25/11    Feb 23/11    Nunes-Vaz, Edward Henry Bruno    Direct Ownership    Common Shares Class A    10 - Disposition in the public market   -475,000    $0.045
Feb 24/11    Feb 24/11    Doody, James Evans    Direct Ownership    Common Shares Class A    10 - Acquisition in the public market   150,000    $0.045
Feb 24/11    Feb 24/11    Doody, James Evans    Direct Ownership    Common Shares Class A    10 - Acquisition in the public market   350,000    $0.045
Feb 23/11    Feb 23/11    Doody, James Evans    Direct Ownership    Common Shares Class B    10 - Acquisition in the public market   500    $0.450

Targeted Security Holder List   
   Holder Name   Shares Held   % of O/S   Report Date   Change
   DOODY, JAMES EVANS    5,019,000    17.06 %    20110224    500,000 

   NUNES-VAZ, EDWARD HENRY BRUNO    2,050,000    6.97 %    20110224    -1,125,000 

   ESCROW SHARES    1,980,080    6.73 %    20101231    0 

   BILCOX, GREGORY ALAN    744,100    2.53 %    20090818    -193,900 

   SHAIKH, M.H. (MIKE)    385,000    1.31 %    20090806    50,000 

   ARK CATAPULT ENERGY CLASS FUND    166,500    0.57 %    20091231    0 

   MAVRIX EXPLORE QUEBEC 2007 -II FT LP -WOUND UP    119,000    0.40 %    20090630    0 

   SHORT POSITIONS    0    0.00 %    20100131    -8,500 

nvm

BNX Level 2 1:02pm ET

This to me seem to have gone unnoticed............great find thedude............going to load up........bargain price.......

Quote:

Originally Posted by airbender 

This to me seem to have gone unnoticed............great find thedude............going to load up........bargain price.......

Good idea my friend. BNX already has several wells drilled on different properties waiting to be tied in(Exshaw/Jenson, Sask Bakken, Central Alberta). Reading over there last presentation end of Q2 and Q3 MD&A, they weren't able to put some of them into production because of a water disposal study and spring breakup. Once those several wells get put into production, we will see a massive jump in production and then the Bakken hype will set into the stock price, making it run.

"The Jensen area netback is still negative due to the shutin status during the three months ended September 30, 2010. The Jensen property is undergoing a technical evaluation and a water disposal facility implementation feasibility study."

Looking at their presentation again, i'm confident that the company will either get the funds via JV partners/farm-ins, or do a massive private placement and put em all online. Only a 30 mil O/S, they can afford to dilute the stock a bit in order to get some good production going.

June 16th 2010 Presentation --> http://www.bnpresources.com/Newsreleases%202010/BNP%202010%20agm%20presentation.pdf

FOR IMMEDIATE RELEASE BNP RESOURCES INC.

ANNOUNCES RESULTS OF RECOMPLETION OF 5-4 JENSEN WELL AND TERMINATION OF LETTER AGREEMENT WITH L1 CAPITAL CORP.

CALGARY, Alberta – February 18, 2010: BNP Resources Inc. (“BNP” or the “Corporation”) is pleased to announce further completion results done to date under our November 2009 farmout at Jensen. “Privco”, the private company who farmed in on BNP at Jensen has completed the 5-4-3-20 W4M well . Upon tie- in of this well, Privco and BNP will each have a 50% working interest in the 16-5 and 5-4 wells.

After completing a 30m interval in the previously uncompleted pay zone of 05-04, Privco has perforated, acid stimulated and aggressively swab evaluated the pay zone. The 05-04 zone is capable of 1000-1200 bbls fluid a day with oil cuts ranging from 5-20%. During the 05-04 eight-hour swab test, the more aggressively the formation was produced, the oil cuts correspondingly improved to +20% with high fluid rate extraction. Based on the swab results, 05-04 would be capable of producing in excess of 100 bbls of oil per day with the implementation of high volume pumping equipment. Currently, BNP is considering a water injection application and injectivity test for the downdip 11-8-3-20 W4M, which will be the future water disposal site.

The 16-5-3-20 W4M well, which is unstimulated, is currently producing at approximately 35 bbls of fluid per day. We are waiting on the oil cut to stabilize. The stabilized rate will be announced when it has been determined. Even though the rate has decreased from the rate announced on January 25, 2010, we are confident that production could be dramatically increased if the same 05-04 acid stimulation program was applied, and BNP is reviewing that option.

“Our plan was to compare the two styles of completion—unstimulated for 16-5 and stimulated for 5-4,” says Gregory Bilcox, President and CEO of BNP. “This gave us a good comparison and answered the question of how to maximize daily oil rate from these and future Jensen wells. The completion results at 5-4 have confirmed the potential of the Jensen pool. Once water disposal is in place, we look forward to proceeding with our development drilling program.”

In addition, the previously announced Letter of Intent to merge with L1 Capital Corp. has been terminated by mutual agreement between the parties.

BNP is actively engaged in the exploration for and the development and production of oil and natural gas reserves. BNP’s business strategy is to build sustainable and profitable per share growth through internally generated exploration and development drilling.

BNP has approximately 25,035,834 Class A shares and 922,500 Class B shares issued and outstanding which trade on the TSX Venture Exchange under the symbols “BNX.A and “BNX.B”.

Some of the other players in that area are DeeThree and Encana, as per pg.23 on the Bakken research map from Macquarie. 

Map: http://resourceinvestingnews.com/files/2010/06/Macquarie-Equities-Research.pdf

Level 2 getting  more solid as the flippers from 4.5-5c get chewed up. 

Looking at some other plays right beside BNX, and their closest neighbour which they are watching drill several locations in 2011(Deethree DTX.T) already put some Jensen wells into production

at 1150boed. So I think the area is quite promising and hopefully Encana/CPG start announcing some drill results as well. So keeping an eye on the results from those plays will help assess value in BNX.  

DeeThree Exploration Ltd (TSXV:DTX)
Alberta Bakken Land: 300 net sections 
DeeThree has an expansive land base with over 300 sections of land surrounded by CPG’s acreage. The company believes its Lethbridge property holds tremendous potential for shallow crude oil and natural gas as well as light crude oil from the Bakken/Exshaw formations. Any positive drill data released by CPG will be a major driver for the stock price. Following 2 vertical test wells targeting the Bakken/Exshaw fairway in Q4, 2010, DTX anticipates drilling six locations (four vertical, two horizontal) during the first half of 2011.  These locations are designed to test multiple intervals within the play across the company’s large acreage position. DTX is financially strong, has a great land base and no one to share the pie with. Proving its land base successfully will make it a prime takeover target as it is operating under the eyes of CPG

DTX Production News: http://www.marketwire.com/press-release/DeeThree-Exploration-Ltd-Announces-Production-Increase-and-Credit-Facility-Update-TSX-VENTURE-DTX-1120052.htm

Crescent Point's March 2011 slide, some good info:

Presentation: http://www.crescentpointenergy.com/documents/presentations/CPG-2011-03-16-Corp_Pres.pdf

BNX Directors/Major Shareholders:
below is some background info on the current directors + Turnbull

Bilcox, Gregory Mr. Gregory Alan Bilcox is the President, Chief Executive Officer and Director of BNP Resources Inc. Mr. Bilcox has 31 years of wide ranging experience in the Canadian oil and gas industry including management, operations, exploration, exploitation and development roles. From 2003 to 2005, Mr. Bilcox provided consulting services to MGV Energy Inc., responsible for the new ventures and conventional exploration program. During this time MGV Energy Inc., an unconventional gas company, increased production from nil to 50 mmcf/d. From 2000 to 2003, Mr. Bilcox was employed by Canadian Natural Resources Limited as an area geologist. Mr. Bilcox was responsible for all aspects of exploration and development of a South Central Alberta area and 10,000 boe/d of production. Prior thereto, Mr. Bilcox was the President and a director of Adobe Resources Ltd. from 1993 to 1996, a public company listed on the Canadian Venture Exchange. In 1986, Mr. Bilcox established a private oil and gas consulting company and has since contracted his geological services to Northern Badger Oil and Gas Ltd., Richland Petroleum Corporation, Poco Petroleums Ltd., Atkinson Petroleums (1972) Ltd., Pinnacle Resources Ltd., Chinese National Petroleum Corporation, Colin Energy Corporation, Serenpet Inc., Adobe Resources Ltd., Harbour Petroleum Company Limited and Reserve Royalty Corporation. Prior thereto, Mr. Bilcox was employed by Westcoast Petroleum Ltd. as a senior geologist from 1985 to 1986. Prior thereto, Mr. Bilcox was employed by Dome Petroleum Ltd. as a geologist from 1982 to 1985. From 1979 to 1982, Mr. Bilcox was employed by Hudson’s Bay Oil Gas Company Ltd. as a geologist. Mr. Bilcox graduated from the University of Western Ontario in 1979 with a Bachelor of Science degree (Honours) in Geology with Dean’s List recognition. Mr. Bilcox is a member of the Canadian Society of Petroleum Geologists, the American Association of Petroleum Geologists and the Association of Professional Engineers, Geologists and Geophysicists of Alberta.
Schultz, Toby Mr. Toby Schultz, B. Comm (Dist), LL.B is the Corporate Secretary of BNP Resources Inc. He has been providing legal services for BNP. Mr. Schultz was called to the Bar in 2006. His practice has focused primarily on corporate/commercial law and corporate litigation law. Mr. Schultz has experience sitting on boards and committees for not-for-profit organizations, most recently acting as President and Chair of the All Nations Theatre Society.
Brown, John Mr. John Brown is Director of BNP Resources Inc. Mr. Brown is currently the Executive Vice President of Patterson-UTI Drilling Co. Canada (“Patterson-UTI”) which owns and operates a fleet of twenty oil and gas drilling rigs rated from single rig depths up to 1,500 metres through to triples capable of drilling to 5,000 metres. Mr. Brown started his career in the offshore side of the business and he has lived and worked in the Far East, Middle East, South America and Spain prior to coming to Canada in 1977. From 1977 to 1984, Mr. Brown was employed as the Senior Sub-Sea Engineer, Construction Foreman and Completions Supervisor with Dome Petroleum in their Beaufort Sea and Western Canadian operations. From 1984 to 1988, Mr. Brown was employed in the sales and marketing group at Vetco Offshore. Mr. Brown joined Phelps Drilling International in 1989 which in turn became Phelps Drilling Co. in 2002 and which was subsequently acquired by Patterson-UTI. Mr. Brown has over 34 years experience in the industry and has held the position of Chairman of the Board of the Canadian Association of Drilling Contractors (“CAODC”) and has been a director of CAODC since 2003.
Ogilvy, Colin Mr. Colin F. Ogilvy is Director of BNP Resources Inc. Mr. Ogilvy is a Landman by training and has over 30 years of experience in the oil and natural gas industry. He is a graduate of Simon Fraser University, from which he holds a B.A. in Commerce and Economics. In conjunction with his work as a landman, Mr. Ogilvy has also had training in corporate finance, project finance and economics during his tenure at Dome Petroleum Limited (and Amoco Petroleum Company of Canada Ltd.) where he spent the initial 12 years of his career. For the past 18 years Mr. Ogilvy has focused his energies into junior oil and gas entities from their early stages of development to achieve corporate growth. Hillcrest Resources Ltd., OGY Petroleums Ltd. and Rival Energy Ltd. are the companies with which he has had success prior to joining Twin Butte Energy Ltd. as Vice President, Land.

Turnbull, Gregory Mr. Gregory G. Turnbull, Q.C., is Director of Crescent Point Energy Corp., since July 2, 2009. Mr. Turnbull has been a partner with the law firm of McCarthy Tétrault LLP since July 2002 and currently serves as the Regional Managing Partner of the Calgary office. Mr. Turnbull started his career with the law firm of MacKimmie Matthews in 1979. From 1987 to 2001, he was a partner with Gowlings LLP (formerly Code Hunter LLP). In 2001 and 2002, he was a partner with the law firm of Donahue LLP. Mr. Turnbull is currently a director of Storm Exploration Inc., Heritage Oil plc, Seaview Energy Inc., Hawk Exploration Ltd., BNP Resources Inc. and Canadian Superior Energy Inc., all publicly traded entities listed on the London Stock Exchange, TSX or TSX Venture Exchange. Throughout his career, he has served as an officer or director of Action Energy Inc., Ammonite Energy Ltd., Baytex Energy Ltd., Barrington Petroleum Ltd., Castle Rock Petroleum Ltd., Hawk Oil Inc., Hawk Energy Inc., Kensington Energy Ltd., Lexxor Energy Inc., Newquest Energy Inc., Mannville Oil & Gas Ltd., Petrostar Petroleums Inc., Pinnacle Resources Ltd., Quadron Resources Ltd., Quintex Energy Ltd., Rally Energy Ltd., ResoQuest Resources Ltd., Seventh Energy Ltd., Tri Ex Oil & Gas Ltd., Trigas Exploration Ltd., Trimox Energy Inc., Twin Energy Ltd. and Westward Energy Inc. Mr. Turnbull received his Bachelor of Arts (Honours) Degree from Queen’s University in 1976 and his Bachelor of Laws Degree from the University of Toronto in 1979. He was called to the Alberta bar in 1980. Mr. Turnbull is a member of the Law Society of Alberta, the Canadian Bar Association and the Calgary Bar Association.

Doing some more research on BNX, its got quite a few interesting members involved, directly or indirectly. For sure the two Greg's play an important role, with the CEO previously working at CNQ(CDN Nat resources) and Gregory Turnbull, who recently resigned(working with Crescent Point Energy). Between the two Greg's, I bet BNX could get some good contacts in on the Jenseon/Shaunavon projects, especially CPG because they are neighbouring both area plays. Plus CPG is known for its JV/buyouts of juniors, so I think BNX is in a good position.

Then you have one of the main shareholders who has nothing to do with the oil industry, yet since he started buying in 2007, he's accumulated 17% of the O/S (James Evans Doody), and the only thing I could find on him was that he purchased some common shares of Humpty's Restaurants International. 
Insider Name: Doody, James Evans 
Insider Relationship: 3 - 10% Security Holder of Issuer 
Ceased to be Insider: Not Applicable 
2011-03-15 Common Shares Class A 5,030,000 
2011-03-10 Common Shares Class B 222,400 
I've seen this type of play before and it was similar to what VER's insider holdings looked like. The major shareholder that had nothing to do with the industry was Blair Wendall, who accumulated around 12% of the O/S and he's in the hair styling industry. I find that whenever some random shareholder that has no association with a company/industry and they keep accumulating shares, thats usually a sign that something is going on.

BNP Resources Inc. announces results of recompletion of 5-4 Jensen well and termination of letter agreement with L1 Capital Corp.
CALGARY, Feb. 18 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation") is pleased to announce further completion results done to date under our November 2009 farmout at Jensen. "Privco", the private company who farmed in on BNP at Jensen has completed the 5-4-3-20 W4M well. Upon tie-in of this well, Privco and BNP will each have a 50% working interest in the 16-5 and 5-4 wells.
After completing a 30m interval in the previously uncompleted pay zone of 05-04, Privco has perforated, acid stimulated and aggressively swab evaluated the pay zone. The 05-04 zone is capable of 1000-1200 bbls fluid a day with oil cuts ranging from 5-20%. During the 05-04 eight-hour swab test, the more aggressively the formation was produced, the oil cuts correspondingly improved to +20% with high fluid rate extraction. Based on the swab results, 05-04 would be capable of producing in excess of 100 bbls of oil per day with the implementation of high volume pumping equipment. Currently, BNP is considering a water injection application and injectivity test for the downdip 11-8-3-20 W4M, which will be the future water disposal site.

As per their Sedar, BNP and Privco drilled 4 wells, 3 of which are ready to be put into production. Due to the excess water, they area doing a report right now to see whats the best way of getting these wells going. BNP also has 5 other Jensen drill locations(Madison locations, not Exshaw/Bakken as those are currently being looked at) and 1 Shaunavon location to drill. Looking a few other players that have drilled in Madison Mississippian formation, the average production per well is between 50-100bopd. Since "Privco" has not helped in putting these wells online, they still remain 100% BNX's production. The company could easily get 300bopd(32 API/Light) going once these wells are placed back online

Some other players that are drilling in the Madison formation:

PIE.V: http://www.primarypetroleum.com/pdf/PIE_Corporate_Fact_Sheet-2009-03.pdf

NAE.T http://www.nalenergy.com/files/corporate_presentation/Corporate_Presentation_March11.pdf

Review of shares purchased by insiders/used for debt since 2009. BNX.A went from a price of $2 a share at the start of 2008, to under 10c a share by the end of Q4 2008. This means that BNP’s market cap went from over $30 million to under $2 million in less than a year. Yet even today they still retain the same assets they had back in 2008, except with current land sales around them increasing, their properties are becoming more valuable in the Jensen and Shaunavon area.
Since then, insiders have been establishing positions through work projects and ultimately a spike in price is bound to happen because of the a) chart b) projects/land holdings c) insiders accumulating and lack of dilution(no large private placements). Plus the fact that debt/capital has been raised at 10c, which has been higher than the current price is quite impressive. The people acquiring these shares wouldn’t take them for higher than market price unless they were deemed to be of potentially higher value later on.
Q1 2009 - BNP has approximately 16,436,244 Class A shares and 922,500 Class B shares issued and outstanding which trade on the TSX Venture Exchange under the symbols “BNX.A and “BNX.B”.
May 11 2009 – 2 million shares for debt @ 10c
May 12 2009 – 2.2 million shares for debt @ 10c
July -27-28 2009 – (director) 4.1 million share PP. Mr. Edward Nunes-Vaz buys 3.6 million shares (part of July 27 NR: The acquisition occurred pursuant to a private placement of 4,100,000 Units by BNP and not through any market. The Units were acquired for investment purposes and not with the purpose of influencing the control or direction of BNP.) Recently, Nunes-Vaz had to sell around 1.1 million shares at 4.5c. I asked the company why and I was told that he was cash strapped and needed the money. He still owns over 2 million and over 2 million options in which he could of sold recently and has not.
Q1 2010 - BNP has approximately 25,035,834 Class A shares and 922,500 Class B shares issued and outstanding which trade on the TSX Venture Exchange under the symbols “BNX.A and “BNX.B”.
March 31 2010 – 516,000 shares for debt @10c
May 14 2010 – BNX Director purchases 1 million shares at 10c a share
October 15 2010 – 2 million shares(senior note) for JV
December 7 2010 – 728,888 shares for debt @ 10c
Q1 2011 – BNP has approximately 29,424,179 Class A shares and 922,500 Class B shares issued and outstanding which trade on the TSX Venture Exchange under the symbols “BNX.A and “BNX.B”.
February 16 2011 – 598,532 shares for debt @ 10c
March 21 2011 – Private Placement for 6 million shares at 6c a share. This is BNP’s first open private placement since 2007. 
Prior to the recent private placement, insiders own just over half of the 30 million shares outstanding.

Looking at more plays drilling in the same formation, PIE(Primary Petroleum) and NFX.US(Newfield) are also drilling in the Madison pool where BNX has its wells ready to tie in. We should be seeing some results from these area plays soon and then we can determine the potential BNX can get from their property. Keeping in mind that BNX already drilled 4 wells in Madison pool and has 5 drill locations ready to go.

Some more insider buying today. No A class shares traded, but 5k of the B shares at 60c, another $3g's.