CALGARY, ALBERTA–(Marketwired – Sept. 11, 2014) – Blackbird Energy Inc. (TSX VENTURE:BBI) (“Blackbird” or the “Company“) is pleased to provide the following update on its operations and ongoing business.
Completion of Additional Montney Land Acquisition and Receipt of Crown Lease
Blackbird is pleased to report that it has closed its previously announced acquisition of 8 additional sections contiguous with its existing Elmworth Project and 77 sections of Montney prospective land in East Wapiti located northeast of the Elmworth Project. With completion of this land purchase, Blackbird now holds a 36 section contiguous block of land at Elmworth bringing the Company’s total Montney prospective land position to 117 sections (74,880 net acres). In addition, Blackbird is pleased to announce that it has received its Mineral Surface Lease from the Alberta Energy Regulator for the construction of its first well site for the drilling of its previously announced well to access the Montney formation in the Elmworth Project. With the receipt of the Lease, Blackbird will proceed with the next step of obtaining the required well license, which it anticipates receiving shortly.
Anticipated Closing of Bigstone Sale
As previously announced, the Company has signed a binding purchase and sale agreement for the sale of 8.0 gross (3.5 net) sections of Montney rights, known as Blackbird’s Bigstone project, for a cash purchase price of $8.8 million before closing adjustments. The previously announced expected closing date of September 1 has been moved to September 15, and the sale has received TSX Venture Exchange approval.
Appointment of Vice-President of Drilling and Completions
The Company is pleased to announce that Randy Schmautz has been appointed as Vice-President, Drilling and Completions of Blackbird.
Mr. Schmautz is a Registered Engineering Technologist with over 35 years of experience in the Western Canadian Sedimentary Basin. Mr. Schmautz has designed, executed and directed drilling and completion operations on over three hundred and fifty wells over the past sixteen years. During the past two years, Mr. Schmautz has been responsible for all Duvernay drilling and completions engineering and operations targeting the Duvernay at Trilogy Energy Corp. Prior thereto, Mr. Schmautz was Director, Drilling and Completions at Progress Energy Resources Corp. from 2008 until 2012, where he presided over a capital budget of between $120 million to $240 million per annum, targeting the Montney.
In connection with his appointment, Mr. Schmautz has been granted an aggregate of 1,000,000 stock options exercisable at a price of $0.365 until September 10, 2019.
Garth Braun, CEO of Blackbird noted, “Blackbird continues to execute on its strategy of aggregating both exceptional land at a cost effective basis and exceptional talent that will assist in the development and delineation of its resource assets. Blackbird going forward, is determined to continue to grow through further land acquisitions and production opportunities commencing with its first high impact Elmworth well scheduled for Q4 2014.”
Blackbird Energy Inc. is an emerging oil and gas exploration company focused on the liquids-rich Montney fairway.
On behalf of the board of BLACKBIRD ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements or information (collectively referred to herein as “forward-looking statements”) relating to the expected closing of the sale of the Company’s Bigstone Project, the drilling of the Company’s well at the Elmworth Project and the receipt of the approvals required for such drilling. 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. 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 and business conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration, development and production including drilling risks, (3) the price of and demand for oil and gas and their effect on the economics of oil and gas exploration, (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. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company’s course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this press release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
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.
Blackbird Energy Inc.
President and CEO
Blackbird Energy Inc.
Vice President, Business Development
Brisco Capital Partners Corp.