Blackbird Energy Announces Farmout Agreement With Donnybrook Energy Inc.
15 3월 2011 - 9:30PM
Marketwired
Blackbird Energy Inc. ("Blackbird" or the "Company") (TSX VENTURE:
BBI) is pleased to announce that it has entered into a Farmout
Agreement (the "Agreement") with Donnybrook Energy Inc.
("Donnybrook") to drill a Montney formation horizontal test well in
the Bigstone area of Alberta, Canada.
Under the terms of the Agreement, Blackbird may pay an aggregate
of approximately $1,053,000, or 37.5% of the costs to drill,
complete, equip and tie-in a test well (the "Test Well"), in order
to earn a 37.5% working interest in the Test Well subject to a
convertible 10% gross overriding royalty on 37.5% of production.
Upon recovery of drilling, completion and tie-in capital,
Blackbird's interest will convert to an undivided 25% in the test
well. In addition to the capital commitments noted above, the
Agreement also provides for the cash payment by Blackbird of an
aggregate of approximately $142,000 for land acquisition costs
incurred by Donnybrook in respect of the subject lands as well as
pre-estimated surface lease construction costs.
Pursuant to the earning terms of the Agreement, upon drilling to
an approximate vertical depth of 2,500 metres and horizontally to
an estimated total minimum depth of 3,800 metres and completing the
well, Blackbird will be deemed to have earned 25% of Donnybrook's
interest in lands and licenses covering 7 sections of land in the
Bigstone area, subject to a non convertible 2.0% gross overriding
royalty on all of the lands. Blackbird will continue to have the
obligation to pay 37.5% of the costs to equip and tie-in the test
well.
Donnybrook is a Canadian oil and natural gas exploration and
production company, focused on horizontal multi-stage frac
development in the liquid-rich Montney and Bluesky formations in
the Deep Basin area of west central Alberta.
Garth Braun, Blackbird CEO, stated: "We are every pleased to
announce our entry into what we feel will be a very promising play,
with an established partner and operator, Donnybrook. The Montney
shale play has the potential to be a very prolific play and we are
excited about its potential, particularly given the newer drilling
technology that will be applied. In addition to this entry into
another North American play, we have also been pursuing
opportunities in emerging markets in our ongoing efforts to enhance
shareholder value."
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.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Farmout Agreement and Donnybrook's ability to drill the Test
Well, and any results from the Test Well specifically or the
Montney Shale play in general. 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 the 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. Dawne Brosseau 604.662.4955
dbrosseau@blackbirdenergyinc.com www.blackbirdenergyinc.com
Blackbird Energy Inc. (TSXV:BBI)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Blackbird Energy Inc. (TSXV:BBI)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024