BLACKBIRD ENERGY INC. announces farm out agreement at its mantario oil project and operational update for its elmworth montney acreage
(firmenpresse) - BLACKBIRD ENERGY INC. ANNOUNCES FARM OUT AGREEMENT AT ITS MANTARIO OIL PROJECT AND OPERATIONAL UPDATE FOR ITS ELMWORTH MONTNEY ACREAGE
July 15, 2014 - Calgary, Alberta (TSX-V: BBI) Blackbird Energy Inc. ("Blackbird" or the "Company") is very pleased to announce that is has entered into a Farmout Agreement (the Agreement) with a private oil and gas investment company (PrivateCo) to drill the first two horizontal wells at Blackbirds Mantario Oil Project (the Project). Blackbird also is pleased to give an update on its operations pertaining to its Elmworth Montney Acreage.
Mantario Farm Out Agreement
Under the terms of the Agreement, PrivateCo will pay an aggregate of approximately $1,600,000, or 100% of the costs to drill, complete and equip two horizontal wells with a minimum of 600 metres of horizontal length, in order to earn a 50.0% working interest in the Project. There is no payout being offered with respect to this agreement.
In addition to the capital commitments noted above, the Agreement also provides for the cash payment by PrivateCo of an aggregate of approximately $200,000 for land acquisition costs and data incurred by Blackbird in respect of the subject lands. Blackbird will be the operator for the project.
Blackbird and PrivateCo expect to commence drilling operations at the beginning of Q4 2014 subject to rig availability.
Garth Braun, CEO of Blackbird noted We are very pleased to be bringing in a financial partner to our Mantario Oil Project that will not only accelerate the development of our oil discovery in Saskatchewan but will also allow Blackbird to add further focus to the development of its Montney acreage at Elmworth.
Elmworth Montney Update
In the Elmworth area Blackbird has a total of 31 sections (19,840 acres) of Montney rights (27 contiguous sections). Blackbird has surveyed its first surface location that will be used to target the upper and middle Montney formation. Blackbird is currently in the process of licensing its first well targeting the upper Montney.
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.
Blackbirds team is focused on originating new high quality oil and liquids rich gas projects in NW Alberta and Saskatchewan.
For more information please visit the companys website and view the corporate presentation at www.blackbirdenergyinc.com
On behalf of the board of
BLACKBIRD ENERGY INC.
Per:Garth Braun
Garth Braun
Chief Executive Officer and Director
For further information contact:
Blackbird Energy Inc.
Garth Braun
President and CEO
(587) 538-0383
Blackbird Energy Inc.
Joshua Mann
Vice President, Business Development
(403) 390-2144
www.blackbirdenergyinc.com
Brisco Capital Partners Corp.
Katrin Tosine
Director of Investor Relations
(647) 388-4984
kat(at)briscocapital.com
Blackbird Energy Inc.
2200 635 8th Ave SW
Calgary, Alberta
T2P 3M3
403-699-9929
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.
Leseranfragen:
Blackbird Energy Inc. ist ein westkanadisches Unternehmen, das sich auf die Prospektion, Erschließung und Förderung von Öl- und Erdgasvorkommen in West-Kanada spezialisiert hat.
Datum: 16.07.2014 - 10:48 Uhr
Sprache: Deutsch
News-ID 334081
Anzahl Zeichen: 3838
contact information:
Town:
Wien
Kategorie:
Business News
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