Blackbird Energy will present at the EnerCom conference in Denver on Tuesday, August 16, 2016
Blackbird Energy Inc. (ticker: BBI) is a junior E&P company focused on the liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta, where it holds a 100% working interest in 83.75 sections.
Blackbird has acquired its acreage in Alberta’s Montney fairway in proximity to highly productive Encana assets. As of June, 2016, the company had $33 million in positive working capital and no debt.
Drilling of Elmworth Montney Well Number 4 Scheduled for mid-Q3
In his July executive letter, posted today, Blackbird Chairman and CEO Garth Braun said, “We expect to spud Montney well #4 in late August or early September with a focus on proving that the super condensate-rich zone that Encana is seeing runs right through our acreage.
“We expect this well to target the Upper Montney. This well will be drilled using a monobore. The testing of this well will coincide with the tie-in of our production in Q4 2016.”
Tie-in, Cash flow and Production
Braun said that the culmination of the business plan for 2016 is to achieve tie-in, cash flow and production.
“We are junior company that up until now has not produced from our Montney acreage at Elmworth. Over the past several months we have signed a gas handling agreement for 6.3 mmcf/d + associated liquids, and we have established 5 mmcf/d of firm sales gas takeaway into the Chicago market via the alliance pipeline (with an ability to sell more via Priority interruptible).
“We are targeting Q4 2016 as our tie-in, our value inflection point, the point where we begin to self-fund our development.”
Blackbird Energy will present at the EnerCom conference in Denver on Tuesday, August 16, 2016. To register for The Oil & Gas Conference® visit the conference website. Blackbird’s CEO Garth Braun was featured in a video interview with Oil & Gas 360 at the 2015 EnerCom conference.
The July executive letter to shareholders from Blackbird CEO Garth Braun is available here.
