Blackbird Energy Inc. Announces Summer Drill Program and Appointment of New Independent Director
Blackbird Energy Inc. (“Blackbird” or the “Company“) (TSX VENTURE:BBI) is very pleased to announce a summer drill program consisting of one horizontal well targeting the condensate-rich Middle Montney at its Elmworth Montney project which consists of a 100% working interest in 81 sections (51,840 acres). The well is a 5.6 km (3.5 mile) easterly step out from the first two Blackbird operated Montney wells. This well will continue the process of delineating Blackbird’s Montney acreage. The well will be spud from surface location 11-9-70-06W6 with a vertical depth of approximately 2,370 meters and a lateral length of approximately 2,000 meters to location 2-20-70-06W6. Blackbird intends on spudding the well, subject to the timing of license approval, at the beginning of the third quarter of the calendar year (Q3 2015).
Blackbird is also pleased to announce today the appointment of Mr. Burton Joel Ahrens, J.D. to the Board of Directors. Since 1992, Mr. Ahrens has been President of The Edgehill Corporation, a diversified venture capital and money management company. He has been a director of several public and private corporations and is currently a director of Canadian Energy Services and Technology Corp. Mr. Ahrens received his B. A. degree from Cornell University in 1959 and his J.D. from Yale Law School in 1962, where he was an Editor of the Yale Law School Journal. He began his law career with Cravath, Swaine & Moore, and for 20 years was a founding Senior Partner of Feit & Ahrens, a firm specializing in oil and gas and venture capital matters. He was consultant to the late Senator Russell Long, Chairman of the Senate Finance Committee, on energy related matters. He has appeared as an expert witness on energy matters domestically and in an International Court of Arbitration. He has been active in a number of pro bono activities, including Chairman of the Northeastern region of AIPAC, President of the American Friends of Haifa University and a member of the Executive Committee of the Yale Law School.
Mr. Garth Braun, Chairman, CEO and President noted “Blackbird’s summer drill program is focused on continuing the delineation of the free condensate-rich fairway established with our first two Montney wells. With our enhanced operations team we anticipate seeing well cost reductions of between 15%-20% compared to our first two wells at Elmworth. Blackbird is also evaluating a transition to a sliding sleeve completion method and increasing the overall tonnage used in our frac operations.” Mr. Braun commented further, “With the appointment of Burt Ahrens, Blackbird has added an extremely experienced board member who has extensive finance, legal, operational and capital markets experience.”
In connection with his appointment, Mr. Ahrens has been granted 750,000 stock options exercisable at a price of $0.21 until May 20, 2020 pursuant to the terms of the Company’s stock option plan. This stock option grant is subject to the acceptance of the TSX Venture Exchange.
About Blackbird
Blackbird Energy Inc. is an emerging oil and gas exploration company focused on the liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
For more information please view our Corporate Presentation at www.blackbirdenergyinc.com.
Disclaimer for Forward-Looking Information
This press release contains 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 statements include, but are not limited to, the timing of the well to be spud from surface location 11-9-70-06W6 at the beginning of the third quarter of the calendar year, the timing of license approval, that we may achieve well cost reductions of between 15%-20% compared to our first two wells at Elmworth, or that a sliding sleeve completion method may increase the overall tonnage used in our frac operations. 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.
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