BNK Petroleum Inc., Calgary, (TSX: BKX) has agreed to sell approximately 2,800 acres of oil and gas leases in Carter County, Okla., and 86,000 acres in the Black Warrior basin for $10 million to an undisclosed buyer. The deal is expected to close in mid-December.

As a result of the deal, BNK can earn up to a 50% working interest in the Black Warrior acreage in Mississippi and Alabama by drilling test wells on identified prospects. The buyer will also be able to participate in a new shale exploration project BNK is reviewing.

Proceeds from the sale will be used for general capital purposes and the development of BNK's Tishomingo Field in Oklahoma's Ardmore Basin.