VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 11, 2014) – Blackbird Energy Inc. (“Blackbird” or the “Company”) (TSX VENTURE:BBI) is pleased to announce that it plans to spud its first horizontal well at its Mantario Oil Project in the second quarter of 2014, subject to weather and rig availability. The well will be spudded from a surface location at 16-1-26-25W3 with a horizontal lateral length of 800 meters. The trajectory of the horizontal well has been established using Blackbird’s proprietary high resolution 3D seismic and the Company’s existing well control. Blackbird holds a 70% operated working interest in the project.
This planned horizontal well is the follow-up to the successful A15-6-26-24W3 (“A15-6”) discovery well that encountered a 20 meter pay section and is still producing in excess of 20 bbls/d with minimal water.
Blackbird is close to completing a detailed exploitation study of the Mantario Oil Project which would encompass approximately 15 Hz locations with 80 acre spacing. Downspacing to 40 acres would allow for an additional 15 Hz locations. In addition to downspacing, the Company is evaluating secondary recovery methods to improve the overall recovery factors for the pool.
The cost of the horizontal well at the Mantario Oil Project is expected to be less than $1,000,000 including drilling, completion, equipping and installing surface facilities, and would qualify for the exceptional 2.5% royalty incentive currently received in Saskatchewan for drilling a horizontal well.
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 Saskatchewan and Alberta.
For more information please visit the company’s website and view the corporate presentation at www.blackbirdenergyinc.com
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On behalf of the board of
BLACKBIRD ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements that involve various risks and uncertainties regarding future events relating to the proposed spudding of the first horizontal well at the Company’s Mantario Project including, but not limited to, the projected cost thereof and eligibility for any royalty incentive. 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 and are not guarantees of future performance of the Company. Although Blackbird believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking 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, accordingly, are subject to change after such date. 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
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.
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