Blackbird Energy Inc. (TSX VENTURE:BBI) announces, further to its
November 18, 2011 press release, that it has been informed by the
operator, Donnybrook Energy Inc, that the DEI Bigstone Hz
15-32-60-22 W5M well (25% working interest to Blackbird) drilling
operations commenced on November 25, 2011. The drilling program
calls for the well to be drilled to a total measured depth of
approximately 5,150 meters from surface location 3-29-60-22W5,
cased and prepared for completion and fracing operations (or
abandoned) within a 35 day time frame. The DEI Bigstone Hz 15-32
well has a planned 2,500 metre +/- horizontal section. Blackbird
has funded its obligations for the drilling of this well.
In regards to the advanced drilling techniques being applied,
Garth Braun, CEO stated, "Long reach horizontal wells used in the
exploitation of the Montney resource in West Central Alberta Deep
Basin fields such as Resthaven, Simonette, Lator, Fir and others
have been reported to yield gas flow test rates at multiples of 3
to 4 times or more than that of the more common 800 to 1200 meter
laterals. We recognize that the use of long laterals require a
company to assemble or otherwise control the P&NG rights to a
contiguous land area in order to insure compliance with ERCB drill
spacing directives and correlative rights (ownership) issues with
neighbouring P&NG lease holders. We are of the view that the
drilling, completion and fracture stimulation technology used in
the drilling and completion of long reach wells is leading edge,
state of the art technology. Small cap companies like ours rarely
have the opportunity to be involved in large, high profile plays
such as the Bigstone - Montney horizontal project."
The Company's discovery well, Bigstone Hz 14-29 discovery well
(37.5% BPO/25% APO working interest), tested in the last 24 hours
of a 4 day production test at a rate of approximately 4.3 million
cubic feet per day (mmcf/day) of natural gas and 295 barrels per
day (bbls/day) of condensate from a 1,254 metre horizontal section;
1,011 barrels of oil equivalent per day (boe/day).
A third Donnybrook operated Bigstone Montney horizontal well
(25% working interest to Blackbird) is also planned to be spud in
Q1 2012. There are several potential locations for the third well
and discussions are ongoing with partners to determine which
location will be selected. Blackbird is joint ventured on 7
sections at Bigstone, which would support an equivalent of 14-28
horizontal wells depending upon the lateral length of each
horizontal leg.
Blackbird had announced, subject to approval from the TSX
Venture Exchange (the "TSX-V"), a brokered private placement, for
gross proceeds of up to $6,000,000 (the "Private Placement"). As
recently announced, a first tranche of the Private Placement has
closed for gross proceeds of approximately $1.1 million. The
Private Placement will be reduced to gross proceeds of up to $3.5
million.
The reduction in the amount being raised under the Private
Placement is as a result of the timing of the drilling of the next
two Montney wells at Bigstone. Given the period between the
drilling of the drilling of DEI Bigstone Hz 15-32-60-22 W5M and the
drilling of the third well, Blackbird will not require the entire
amount originally sought, and instead will have the ability to
enter into a subsequent financing, ideally on terms more favourable
to the Company.
Garth Braun, CEO of Blackbird Energy Inc., stated, "The Bigstone
discovery well clearly exceeded our expectations and the
development plans for the area are being accelerated. The recent
announcement of the drilling of two +/- 2400 horizontal wells to
the south of our lands further highlights the focus that the
Bigstone project is gathering. We are looking forward to developing
this exciting project with our partners. Once these Bigstone wells
are on stream Blackbird will have production that will allow us to
fund future development wells. In addition, the fortunate timing
for the upcoming drilling activity has given us the opportunity to
minimize dilution at current prices by financing the next well
only, and then having the time to finance the subsequent well on
better terms. We are confident that our continued success in
developing this exciting project with our partners will give us
this ability."
Finally, discussions are underway with area industry partners to
construct a gathering system during Q1 2012. It is anticipated that
all production from Blackbird's Bigstone project area will be
on-stream during the second quarter of 2012. Blackbird expects to
be able to fund the drilling of the second well and the planned tie
in from funds to be received from the recent closing of the first
tranche of the Private Placement offering and the proceeds from the
second tranche, that is expected to close on December 7th.
About Blackbird
Blackbird's Bigstone Project is comprised of lands and licences
covering a total of 4,480 acres, in Township 60, ranges 22 and 23W5
at Bigstone, Alberta. By completing the terms of the farm in
agreement, Blackbird has earned 25% of Donnybrook Energy Inc.'s
interest in the Bigstone lands and in any future operations within
an area of mutual interest.
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
Donnybrook's ability to drill and complete the next two wells on
the project, the timing of such drilling, the timing and completion
of any subsequent tie ins or production, and any results from the
wells 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.
Oil Equivalency Conversion (BOE)
Where amounts are expressed on a barrel of oil equivalent
("BOE") basis, natural gas volumes have been converted to BOE at a
ratio of 6,000 cubic feet of natural gas to one barrel of oil
equivalent (6 Mcf = 1 BOE). The conversion ratio is based upon an
energy equivalent conversion method, primarily applicable at the
burner tip and does not represent value equivalence at the
wellhead. BOE values may be misleading, particularly if used in
isolation.
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: QIS Capital Corp. Doren Quinton President (250)
377-1182info@qiscapital.comwww.qiscapital.com
Blackbird Energy Inc. (TSXV:BBI)
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Blackbird Energy Inc. (TSXV:BBI)
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