Here are some highlights from BNX's MD&A/Annual information that was just released.
Looks like there was a reason for Mr.Doody buying shares over the last 15 months. Now it makes sense why he owns w 20% stake(8 million shares once B shares are converted). His expertise will be used to get the infrastructure in place for Jensen and get it into production. Insiders wouldn't of still been buying shares if there wasn't potential to get the wells going. Besides Doody, the other insiders hold a fair sized position, over 50% of the O/S.
On April 25, 2011, Mr. James Evans Doody accepted a directorship. Mr. Doody is a Professional Engineer with 27 years oil and gas experience. Mr. Doody specializes in facility design including the oil gathering centers, effluent water treatment, water disposal, booster stations and pressure maintenance projects. Mr. Doody has worked on both national and international assignments including projects with transCanada pipelines, Imperial oil, Suncor, Marathon Oil, CNRL Horizon, Technip - Rome, Italy, Verba Oil - Tripoli, Libya, Kuwait Oil Company and ExxonMobil.
James Evans Doody
Mr. Doody is a director of BNP effective April 25, 2011. Mr. Doody is a Professional Engineer registered with APEGGA (Alberta) and APEGNL (Newfoundland). Mr. Doody’s experience specializes in facility design and includes oil gathering centers, effluent water treatment, water disposal, booster stations and pressure maintenance projects. Mr. Doody has 27 years oil and gas experience and has worked on assignments nationally and internationally including projects for transCanada pipelines, Imperial Oil, Suncor, Marathon Oil, CNRL Horizon, Technip – Rome, Italy, Verba Oil – Tripoli, Libya, Kuwait Oil Company and ExxonMobil.
Mr. Doody has previously held a 10% share position in Seventh Energy Class B shares, until Seventh Energy was taken over by Primewest in 2004. Mr. Doody also held a 19.3% interest in Humpty’s Restaurants International prior to the sale of the company on September 30, 2009. Mr. Doody currently holds 5,530,000 Class A shares and 237,400 Class B shares of BNP Resources Inc.
On April 21, 2011, the TSX-V Exchange approved an amendment to the first closing of the private placement to accept a further placement of 500,000 Class A shares at $0.06 per share to James Doody. The gross proceeds for the first closing totals $127,500.00
An average 2010 daily production rate of approximately 10 BOEP/D.
Exited 2010 without any bank debt.
Petroleum and Natural Gas Properties: $21,221,952
A further Jensen area update was also announced. Industry operations are being carried out on four new horizontal wells in the immediate Jensen proximity. 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.
The Corporation’s principal oil and gas properties are located in the Southern Alberta, South-Central Alberta and the Peace River Arch.
As of the end of the first quarter of 2011 BNP held 6,722 gross acres of land (2,881 developed, 3,841 undeveloped) and 5,826 net acres of land (2,561 developed, 3,265 undeveloped). As a part of the 6,722 gross acres, BNP holds 1,920 gross acres in Northwestern Alberta, 640 gross acres in Central Alberta, 2081 gross acres in South Central Alberta, 1441 acres in Southern Alberta and 640 acres in Saskatchewan.
Received its 2010 Reserve Report from its independent Reservoir Engineering firm, Insite Petroleum Consultants Ltd., formerly Paddock Lindstrom & Associates of which are:
oA net present value of estimated future net revenue before tax, at BNP’s risk free rate of 5%, from proved plus probable reserves is $1.662 million compared to $1.873 million as at the end of December 2009. The decline in value is directly attributed to production performance, high operating costs and a decline in commodity prices.
oGross proved reserves of 46,900 BOE as of December 31, 2010 compared to 50,000 BOE as of December 31, 2009
Properties with No Attributed Reserves
Jensen - 1121
Stanmore/Sunnynook(Alberta) - 960
Northwest Alberta - 1120
Saskatchewan - 640