Blackbird Energy Inc. Announces Third Quarter 2017 Financial and Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 06/29/17 -- Blackbird Energy Inc. (TSX VENTURE: BBI) ("Blackbird" or the "Company") is pleased to announce its financial and operational results for the quarter ended April 30, 2017. Blackbird's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the quarter ended April 30, 2017 are available on SEDAR at and are also posted on Blackbird's website at .
Significant Q3 2017 Highlights
See below for a summary table containing certain Q3, 2017 financial and operational figures:
Pipestone / Elmworth Initial Production Results
Blackbird is encouraged by its initial production results at Pipestone / Elmworth, with the Company's wells indicating high condensate / NGL rates and strong productive capability. Blackbird's Pipestone / Elmworth Montney initial production 30 ("IP30"), 60 ("IP60") and 90 ("IP90") results are as follows:
IP30 RESULTS (1)
IP60 RESULTS (1)
IP90 RESULTS (1)
2-20 (SURFACE 11-9) PRODUCTION TEST RESULTS
The Company is also very encouraged by the initial production test results of its eastern step-out well, the 2-20 (surface 11-9). It is estimated that the 2-20 (surface 11-9) well was producing from a limited portion of its wellbore as a result of the previously announced challenges experienced during completion operations. Despite this, the 2-20 (surface 11-9) well produced approximately 379 bbls/d of oil during the last 48 hours of a 111 hour production test. The 2-20 (surface 11-9) well will be tied-in subsequent to being recompleted (the timing of which is to be determined), and the construction of an eastern pipeline gathering system.
Blackbird's Current Well List & Status
Outlook & Remaining Calendar 2017 Capital Program
Blackbird is well positioned with a strong balance sheet, a large, contiguous, multi-interval land block in a liquids-rich Montney corridor, and production which is generating cash-flow.
Blackbird currently has three wells producing: (1) the 2-20 Middle Montney well; (2) the 5-26 Upper Montney well; and (3) the 6-26 Middle Montney well. The 02/2-20 Upper Montney well was recently recompleted and is expected to commence production in the near-term.
Blackbird plans to recomplete its 15-21 Upper Montney well (previously called the 3-28) during August, 2017, at which time it will be tied-in. The 2-20 (surface 11-9) well will be tied-in subsequent to being recompleted (the timing of which is to be determined), and upon the construction of an eastern pipeline gathering system.
In addition to the 15-21 and 2-20 (surface 11-9) recompletion operations discussed above, during the remainder of calendar 2017 Blackbird plans to finish drilling the 102/6-26 well, complete the 102/6-26 well using the Stage System, and drill/complete approximately two additional operated wells (the 2-28-70-7W6 and 1-20-70-7W6, both on existing pads). Blackbird will also participate in the completion operations of the 3-17 non-operated well on Blackbird's south-eastern lands.
The operations outlined above are expected to cost approximately $30.0 - $35.0 million, depending on completion design and lateral lengths. Blackbird is in the final stages of preparing its capital budget for fiscal 2018.
As Blackbird continues to execute on its operations and gather important production data, it becomes better positioned to finalize gas handling and take-away agreements, allowing for continued growth as Blackbird executes on its business plan.
About Blackbird
Blackbird Energy Inc. is a highly innovative oil and gas exploration and development company focused on the liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
For more information please view our Corporate Presentation at .
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 press release.
ADVISORIES REGARDING OIL AND GAS INFORMATION
This news release contains the term barrels of oil equivalent ("Boe"). Natural gas is converted to a Boe using six thousand cubic feet of gas to one barrel of oil. Boes may be misleading, particularly if used in isolation. The foregoing conversion ratios are based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As well, given than the value ratio based on the current price of crude oil to natural gas is significantly different from the 6:1 energy equivalency ratio, using a conversion ratio on a 6:1 basis may be misleading as an indication of value.
INITIAL PRODUCTION RATES
Any references in this document to initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Additionally, such rates may also include recovered "load oil" fluids used in well completion stimulation. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for Blackbird.
FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements, including the commencement of production from the 02/2-20 well in the relatively near-term, production potential of wells, Blackbird's ability to recomplete the 15-21 and 2-20 (surface 11-9) wells and the timing thereof, the construction of an eastern pipeline gathering system, the drilling of the 02/6-26 well and the completion using the Stage System and timing thereof, the drilling and completion of the 2-28-70-7W6 and 1-20-70-7W6 wells and the timing thereof, the completion of the 3-17 well in the relatively near-term, the expected cost of operations for the remainder of calendar 2017, the 2018 capital budget, the finalization of gas handling and take-away agreements and the continued growth of Blackbird as it executes on its business plan.
By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond Blackbird's control, including the impact of general economic conditions, industry conditions, current and future commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and funds from operations, the timing, allocation and amount of capital expenditures and the results therefrom, anticipated reserves and the imprecision of reserve estimates, the performance of existing wells, the success obtained in drilling new wells, the sufficiency of budgeted capital expenditures in carrying out planned activities, competition from other industry participants, availability of qualified personnel or services and drilling and related equipment, stock market volatility, effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties; the ability to access sufficient capital from internal sources and bank and equity markets; and including, without limitation, those risks considered under "Risk Factors" in our Annual Information Form dated October 21, 2016 and available on SEDAR.
This press release, in particular the information in respect of estimated revenues and/or production while flowing, may contain future-oriented financial information or financial outlook within the meaning of applicable securities laws. Such future-oriented financial information or financial outlook has been prepared for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
NON-IFRS MEASUREMENTS
Within this new release, references are made to terms commonly used in the oil and natural gas industry. Management uses "operating netback" to analyze operating performance. These terms do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable with the calculation of similar measures for other entities. These terms are used by management to analyze operating performance on a comparable basis with prior periods of Blackbird. Operating netback equals the total of revenues less royalties, transportation, processing and operating expenses calculated on a Boe basis. For more details on non-IFRS measures, including a reconciliation to IFRS measures refer to our Management's Discussion and Analysis for the quarter ended April 30, 2017.
RESERVES ADVISORIES
The reserves estimates prepared herein have been evaluated by an independent qualified reserves evaluator in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and are effective as of March 1, 2017 and January 31, 2016. All reserves information has been presented on a gross basis, which is the Company's working interest share before deduction of royalties and without including any royalty interests of the Company. The reserves have been categorized accordance with the reserves definitions as set out in the COGE Handbook. For more information on reserves and contingent resources refer to the Company's Management's Discussion and Analysis for the quarter ended April 30, 2017.
Contacts:
Blackbird Energy Inc.
Garth Braun
Chairman, CEO and President
(403) 500-5550
Blackbird Energy Inc.
Jeff Swainson
Chief Financial Officer
(403) 699-9929
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Datum: 29.06.2017 - 23:28 Uhr
Sprache: Deutsch
News-ID 550597
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CALGARY, ALBERTA
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Oil & Gas
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