CALGARY, ALBERTA–(Marketwired – Oct. 7, 2014) – Blackbird Energy Inc. (“Blackbird” or the “Company“) (TSX VENTURE:BBI) is pleased to announce a high impact multi-well drill program targeting both the Upper and Middle Montney. The first well, which Blackbird has received its licence for, will target the Middle Montney at Elmworth (100% working interest). The first well will be spud from surface location 14-14-70-07W6 with a vertical depth of approximately 2,330 meters and a lateral length of 2,000 meters to location 6-26-70-07W6. The well is expected to be spud on or before November 1, 2014.
The second high impact well (100% working interest), which Blackbird is currently in the process of licensing, is to target the Upper Montney interval. This well will be drilled from the same drill pad as Blackbird’s Middle Montney well at surface location 14-14-70-07W6 with a total vertical depth of 2,260 meters and a lateral length of approximately 2,000 meters.
Blackbird has designed the drill program so that the two wells are drilled in succession in November and December followed by completion of both of the wells in January 2015.
Garth Braun, President and CEO of Blackbird stated, ” Blackbird’s multi-well drill program is focused on delineating both the Upper and Middle Montney resource with a high capital utility achieved through back-to-back drilling. Blackbird expects this process to yield significant cost savings allowing even more value to be derived from its strong balance sheet once the current financing has been completed.”
Financing Upsize and Allocation of Options
Blackbird is also pleased to announce an increase to the previously announced non-brokered private placement of Special Warrants (the “Non-Brokered Private Placement”) to 24,827,587 Special Warrants at a price of $0.29 per Special Warrant for gross proceeds of approximately $7.20 million.
As previously announced on September 22, 2014, Mr. Kevin Andrus has since joined Blackbird’s Board of Directors as an independent member. Mr. Andrus is the Portfolio Manager of Energy Investments with GMT Capital Corp., a private investment company based in Atlanta, Georgia. A graduate of the Masters of Business Administration program from Regis University, Mr. Andrus is also a Chartered Financial Analyst charter holder who has spent the past two decades with various investment management companies. Mr. Andrus also sits on the board of DeeThree Exploration Ltd. Blackbird has granted 750,000 incentive stock options to Mr. Andrus. Such options are exercisable at the price of $0.34 for a period of five years until October 7, 2019.
Blackbird Energy Inc. is an emerging oil and gas exploration company focused on the liquids-rich Montney fairway.
For more information please visit the Company’s website and view the corporate presentation at www.blackbirdenergyinc.com
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This press release may contain forward-looking statements or information (collectively referred to herein as “forward-looking statements”). 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. Such statement include but are not limited to: the commencement, timing and completion of the first two wells planned for the mutli well drill program at the Elmworth project, the successful targeting of the upper and middle Montney formation and the costs associated with the drill program. 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.