Blackbird Energy Increases Its Ownership to a 75% Interest in Mathers Gordon Prospect
19 8월 2010 - 10:30PM
Marketwired
Blackbird Energy Inc. ("Blackbird" or the "Corporation") (TSX
VENTURE: BBI) is pleased to announce that it has entered into an
agreement with the vendor of its Mathers-Gordon Prospect, amending
the terms of the original purchase agreement.
Pursuant to the amended terms, Blackbird has increased its
interest in the Prospect from 50% to 75%. In consideration for the
foregoing, Blackbird has agreed to (1) a one-time payment of
US$30,000, (2) pursue a three well farm out arrangement (with step
out provisions) for further development of key formations in the
Prospect, and (3) finish the recompletion of the two Mathers
Prospect wells currently in process. In addition, the amended terms
provide for an accelerated payback to Blackbird for all costs
incurred to date and all subsequent re-completion costs.
As previously announced, Blackbird has re-entered two Mather's
Prospect wells located in the Thorndike Field, Gray County, Texas.
The Mathers 2-74 and 2A-74 wells were re-entered, perforated and
fracture stimulated, and have been awaiting further re-completion
efforts. The requirement for additional work on these wells
provided an ideal opportunity to negotiate an increase to
Blackbird's interest, for what the Corporation feels is a nominal
amount given the added value.
Garth Braun, Blackbird CEO, stated, "We are extremely pleased
with the new terms of our arrangement and the fact that we could
increase our interest with such favorable conditions. Under these
revised terms, we have further incentive to successfully
re-complete the two wells. In regards to the farm-out condition
that we have negotiated, we are very pleased at this opportunity to
mitigate our risk and preserve capital. The Granite Wash is a very
high profile field with substantial interest, and so we are
confident on entering into a farm out on terms very favorable to
Blackbird. We anticipate entering into a three well farm out
package in the near future."
About Blackbird
Blackbird's wholly-owned subsidiary Blackbird Energy LLC
("Blackbird Energy") holds a 75% interest in 3,857 acres of
leasehold land located in Gray County, Texas known locally as the
"Mathers-Gordon Prospect". The Mathers-Gordon Prospect is a multi
pay oil and gas prospect. Blackbird Energy is the operator of the
prospect. In addition, Blackbird plans to actively look for further
oil and gas properties for acquisition or potential joint
ventures.
On behalf of the board of BLACKBIRD ENERGY INC.
William L. Macdonald, President and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company's anticipated production from the two Mathers wells.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a downturn in
general economic conditions in North America and internationally,
(2) the inherent uncertainties and speculative nature associated
with oil and gas exploration and production, (3) a decreased demand
for natural gas, (4) any number of events or causes which may delay
or cease exploration and development of the Company's property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems; (5) the risk that
the Company does not execute its business plan, (6) inability to
retain key employees, (7) inability to finance operations and
growth, and (8) other factors beyond the Company's control. These
forward-looking statements are made as of the date of this news
release and, except as required by law, the Company assumes no
obligation to update these forward-looking statements, or to update
the reasons why actual results differed from those projected in the
forward-looking statements.
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this press release. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Blackbird Energy Inc. Dwane Brosseau 604.662.4955
dbrosseau@blackbirdenergyinc.com
Blackbird Energy Inc. (TSXV:BBI)
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