Polish shale gas future bright for BNK Petroleum

Feb. 25, 2014 at 6:42 AM

CAMARILLO, Calif., Feb. 25 (UPI) -- BNK Petroleum President Wolf Regener said Tuesday he was "very excited" about the results from a Polish shale natural gas operation.

BNK, which has headquarters in California, said the 285,000 acres it controls in Poland have "good potential to produce natural gas." It said Tuesday exploratory drilling results in the Gapowo B-1 well were positive and the company was anticipating a production test later this year.

"In Poland, I am very excited that we have confirmed our original discovery in the Gapowo B-1 vertical well," Regener said in a statement.

The company said a separate 285,000 acres has the potential to produce natural gas, but has a "higher associated risk."

New drilling technologies like horizontal drilling and hydraulic fracturing, dubbed fracking, are used in shale deposits to access oil and gas reserves previously out of reach. That helped put the United States in a leadership position in terms of production of those resources.

Poland is one of the Eastern European countries thought to be rich in shale gas, though the U.S. Energy Information Administration said optimism has waned because of "unsatisfactory exploration results."

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