Blackbird Energy Inc. Announces Purchase of Additional Oil & Gas Assets in Flaxcombe, Saskatchewan

Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is
pleased to announce that its wholly-owned subsidiary, Ruger Energy Inc.
("Ruger"), has entered into an agreement to purchase certain oil and gas assets
from Blackspur Oil Corp. for total cash consideration of $100,000. 


The assets (the "East Flaxcombe") are located near Ruger's current oil
production in Flaxcombe, Saskatchewan and will allow for optimization and
operating cost savings. Current production at the East Flaxcombe Project is 10
boepd (70% oil) and the deal metrics are $10,000/producing day barrel.


The East Flaxcombe is accretive to Blackbird's Flaxcombe Project. East Flaxcombe
is comprised of a total of 6,080 acres in West Central Saskatchewan. Blackbird
will now have a 100% working interest in the Sparky oil pool with two additional
producing wells. 


Garth Braun, CEO of Blackbird stated, "This accretive acquisition expands
Blackbird's land position in this core area of focus and we believe that the
Flaxcombe Project will deliver increased shareholder value. Blackbird's team
continues to be focused on diversifying its interest with the addition of these
lower risk multi pay oil projects in West Central Saskatchewan."


About Blackbird 

Blackbird Energy Inc. is a Western Canadian based company that explores,
develops and produces oil and natural gas in Western Canada. The Company is
managed by a proven technical team. Blackbird trades on the TSX Venture under
the symbol BBI. 


The Flaxcombe & West Central Saskatchewan Project is comprised of a total of
21,041 acres (net 18,393 acres) in West Central Saskatchewan. Blackbird holds a
100% working interest in a Sparky oil property with 3 producing oil wells. The
Flaxcombe Project includes 3D seismic coverage over the complete oil pool. Two
development oil drilling locations have been identified based on the 3D
technical review. 


The Alsask Project is comprised of 1,120 acres in the Alsask area on the
Alberta/Saskatchewan border in which Ruger Energy Inc. ("Ruger"), Blackbird's
subsidiary, holds a 100% working interest. The Alsask Project has 3 producing
Basal Mannville oil wells and 1 water disposal well. Ruger also has 3D seismic
coverage over the full 1,120 acres and has identified one development oil
drilling location and one exploration oil drilling location. 


The Bigstone Project is comprised of lands and licenses covering a total of
5,120 acres (net 1,120 acres), in Township 60, ranges 22 and 23W5 at Bigstone,
Alberta. By completing the terms of a farm in agreement with Donnybrook Energy
Inc., Blackbird earned 25 per cent of Donnybrook's interest in the Bigstone
lands and in any future operations within an area of mutual interest. 


Blackbird's team is focused on originating new high quality oil projects through
the assembly of land positions in West Central Saskatchewan and Alberta. 


On behalf of the board of 

BLACKBIRD ENERGY INC. 

Garth Braun, Chief Executive Officer and Director

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.


Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect
the expectations of management regarding the effect of the Acquisition and
future production volumes of the Flaxcombe Project. 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
QIS Capital Corp.
Doren Quinton
President
(250) 377-1182
info@qiscapital.com
www.qiscapital.com
Blackbird Energy Inc. (TSXV:BBI)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024