Blackdog Resources Ltd. Announces Commencement of Production from Leduc Light Oil
10 Novembre 2011 - 2:00PM
Marketwired
Blackdog Resources Ltd. ("Blackdog" or "the Company")(TSX
VENTURE:DOG) is pleased to announce that production from its Leduc
Reef light oil exploration well (the "Leduc Well") near Sylvan
Lake, Alberta commenced on Monday November 7, 2011. The Company has
a 15% working interest in the Leduc Well and in the entire section
of land the Leduc Well is situated on. The well was put onto
production after the successful construction of a 4km pipeline.
During the completion process before the pipeline was installed,
the Leduc Well flow tested without the aid of artificial life of
any kind at a rate of approximately 225 barrels of oil equivalent
per day (net 35 boepd to Blackdog) during a limited test over a 5
day period.
David A. Corcoran, President, commented: "Blackdog is very
pleased with how the drilling, completion and tie-in processes for
this 3000 metre deep exploration well have gone. The entire process
from the commencement through to tie-in and first production was
just over 10 weeks which is excellent. We look forward to updating
the production rates from the well when the rates stabilize over
the next few weeks."
Blackdog Resources Ltd. is a junior oil and gas company focused
on the exploration and development of light and medium oil
properties in Southeast Saskatchewan and Alberta. The Company
currently has 24,578,318 Common Shares outstanding.
Certain information regarding Blackdog in this news release,
including management's assessment of the expected timing for the
stabilization of production rates and future plans and operations,
may constitute forward looking statements under applicable
securities laws and necessarily involve risks including, without
limitation, risks associated with pipeline construction and tie-in
operations, general risks associated with oil and gas exploration,
development, production, marketing and transportation, loss of
markets, volatility of commodity prices, imprecision of reserve
estimates, environmental risks, competition from other producers,
unexpected decline rates in wells, wells not performing as
expected, delays resulting from or inability to obtain required
regulatory approvals and ability to access sufficient capital from
internal and external sources. As a consequence, actual results may
differ materially from those anticipated in the forward-looking
statements. Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on these and
other factors that could affect Blackdog's operations and financial
results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). The forward-looking statements or
information contained in this news release are made as of the date
hereof and Blackdog does not undertake any obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
The term "barrels of oil equivalent" or "boe" may be misleading,
particularly if used in isolation. A "boe" conversion ratio of 6
Mcf:1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
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 the
accuracy of this release.
Contacts: Blackdog Resources Ltd. David A. Corcoran President
(403) 245-1726davidcor@telus.netwww.blackdogresources.com
(TSXV:DOG)
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