Blackbird Energy Announces Plans to Spud First Horizontal Well at Its Mantario Oil Project
11 Février 2014 - 2:00PM
Marketwired
Blackbird Energy Announces Plans to Spud First Horizontal Well at
Its Mantario Oil Project
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
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.
Brisco Capital Partners Corp.Katrin TosineDirector of Investor
Relations(647) 388 4984kat@briscocapital.comBlackbird Energy
Inc.Garth BraunPresident & CEO(604) 688
2295gbraun@blackbirdenergyinc.comwww.blackbirdenergyinc.com
Blackbird Energy Inc. (TSXV:BBI)
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