Blackbird Energy Increases Montney Land Position in the Greater Karr Area of Alberta
03 Abril 2014 - 8:30AM
Marketwired
Blackbird Energy Increases Montney Land Position in the Greater
Karr Area of Alberta
CALGARY, ALBERTA--(Marketwired - Apr 3, 2014) - Blackbird Energy
Inc. ("Blackbird" or the "Company") (TSX-VENTURE:BBI) is very
pleased to be able to announce that it has increased its Elmworth
(Greater Karr) Montney acreage to 31 sections of land (19,840
acres) including 27 sections of land (17,280 acres) that are
contiguous (100% WI).
The 31 sections of land at Elmworth acquired to date followed a
detailed technical assessment of the region that included a
petrophysical evaluation of pre-existing wells and the mapping of
oil and gas in place across what Blackbird believes to be an area
characterized by superior liquids-rich gas potential. The results
from a recently drilled competitor well, located less than 8
kilometres (5 miles) from the Blackbird lands, demonstrated
exceptional deliverability from the Upper Montney. Over its first
six weeks of production, the nearby competitor's well yielded
25,000 bbls of 54 API condensate and 138 mmcf of natural gas (595
bbls/d and 3.3 mmcf/d). Blackbird currently believes the
exploration risk for the play to have been significantly reduced
through the operations of competitors active in the area who have
continued to acquire petroleum and natural gas rights on lands in
proximity to Blackbird's acreage at prices in excess of $2.18
million per section.
Based on our petrophysical evaluation, mapping and technical
review of producing wells in the area, Blackbird has identified
what it considers to be a thick hydrocarbon-charged zone throughout
the upper 40 metres of the Upper Montney interval. Blackbird
believes that this Upper Montney zone will be conducive for
development using horizontal wells and which Blackbird intends to
target with its first well. Based on current industry practices,
development of the entire acreage with one horizontal well spaced
every quarter mile could require a total of 100 gross wells each
one mile in length. Given the existence of productive Middle and
Lower Montney in the area, additional laterals per well could be
required to access the entire hydrocarbon-bearing section.
The Elmworth property is accessible for field operations
year-round and is located within 1 mile of a major, midstream
operated natural gas pipeline with capacity for new
hydrocarbons.
Blackbird has begun to establish surface locations for the
placement of its drilling pads as part of the overall development
of the Elmworth property.
Blackbird intends to license its first Elmworth well in the
third quarter of 2014 and is currently in active conversations to
find a strong industry partner to help expedite this large drilling
program.
Blackbird will continue to enhance its land position at Elmworth
going forward and has already begun assembling its next Montney
land package.
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 Exchange under the symbol
BBI.
Blackbird's team is focused on originating new high quality oil
projects through the assembly of land positions in southwest
Saskatchewan and Alberta.
For more information please visit the company's website and view
the corporate presentation at www.blackbirdenergyinc.com.
On behalf of the board of BLACKBIRD ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
Certain information included in this press release
constitutes forward-looking information under applicable securities
legislation. Forward-looking information typically contains
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "propose", "project" or similar words
suggesting future outcomes or statements regarding an outlook, or
statements that certain events or conditions "may" occur.
Forward-looking information in this press release includes, but is
not limited to, statements regarding the expectations of management
of Blackbird regarding the resource production potential of the
Elmsworth property and of the surrounding area, the reduced
exploration risk of the Elmsworth property, and the Company's plans
and/or ability to find an industry partner for any proposed
drilling program on the Elmsworth property. Although the Company
believes that the expectations reflected in the forward-looking
information are reasonable, there can be no assurance that such
expectations will prove to be correct. Such forward-looking
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements including, without
limitation: (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. Although Blackbird
believes that the expectations reflected in its forward-looking
information are reasonable, undue reliance should not be placed on
forward-looking information because Blackbird can give no assurance
that such expectations will prove to be correct. Readers are
cautioned that the foregoing list is not exhaustive of all factors
and assumptions which have been used. Forward-looking information
is based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause
actual results to differ materially from those anticipated by
Blackbird and described in the forward-looking information. The
forward-looking information contained in this press release is made
as of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking information, whether
as a result of new information, future events or otherwise, unless
required by applicable securities laws. The forward looking
information contained in this press release is expressly qualified
by this cautionary statement.
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.
Blackbird Energy Inc.Garth BraunPresident and CEO(604)
688-2295Blackbird Energy Inc.Joshua MannVice President, Business
Development(403) 390-2144www.blackbirdenergyinc.comBrisco Capital
Partners Corp.Katrin TosineDirector of Investor Relations(647)
388-4984kat@briscocapital.com
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