Blackbird Energy Inc. Announces Plans to Drill the First Success Well at Its New Oil Exploration Project in the Mantario Area of West Central Saskatchewan Focusing on the Lower Mannville
September 04, 2013 (Source: Marketwire) — (TSX VENTURE:BBI) Blackbird Energy Inc. (“Blackbird” or the “Company“) is pleased to announce that it plans to spud its first Success Formation well at its new oil exploration project located in the Mantario area of West Central Saskatchewan (the “Mantario Project”) in the fourth quarter of 2013.
The Mantario Project, consists of 1,440 gross acres (net 1,008 acres) of P&NG rights located approximately 21 kilometers southeast of Rock Energy Inc.’s Mantario oil project. Blackbird’s farm-out partner on the Mantario Project, Pennant Energy Inc., may earn a 30% working interest by payment of 50% of the drilling, completing, equipping and tie-in costs of the test well. At this time, the well is scheduled to spud from a surface location at 15d-6-26-24W3 with a total depth of 1,000 meters.
Garth Braun, President and CEO of Blackbird stated, “The Mantario Project has been developed by the Blackbird team and is the culmination of an extensive due diligence process including the shooting of 960 acres of 3D, the processing of 2D and 3D seismic data and the assembling of a core land position. The Mantario Project has strong analogue support to Rock Energy’s Mantario oil discovery that currently has 31 wells in production. The Blackbird team will be looking to aggressively explore and develop this oil project.”
The Mantario Project is held through Blackbird’s wholly-owned subsidiary Ruger Energy Inc. (“Ruger”) and is comprised of a total of 1,440 acres (net 1,008 acres) in West Central Saskatchewan. Multiple oil drilling locations have been identified in the Mantario Project based on the 3D technical review.
The Flaxcombe Project, a Sparky oil property with four producing oil wells and three producing gas wells held by Ruger through a 100% working interest, is comprised of a total of 5,041 acres (net 2,393 acres) in West Central Saskatchewan. The Flaxcombe Project includes 3D seismic coverage over the complete oil pool. Two development oil drilling locations have been identified based on the 3D technical review.
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The Alsask Project is comprised of 1,120 acres in the Alsask area on the Alberta/Saskatchewan border in which Ruger holds a 100% working interest. The Alsask Project has two producing Basal Mannville oil wells and one water disposal well. Ruger also has 3D seismic coverage over the full 1,120 acres and has identified one development oil drilling location and one exploration oil drilling location.
The Bigstone Project is comprised of lands and licenses covering a total of 5,120 acres (net 1,120 acres), in Township 60, ranges 22 and 23W5 at Bigstone, Alberta. By completing the terms of a farm in agreement with Donnybrook Energy Inc., Blackbird earned 25% of Donnybrook’s interest in the Bigstone lands and in any future operations within an area of mutual interest.
Blackbird’s team is focused on originating new high quality oil projects through the assembly of land positions in southwest Saskatchewan and Alberta.
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.
On behalf of the board of BLACKBIRD ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to the completion of the Farmout Agreement, TSX Venture Exchange acceptance of such agreement and the Company’s proposed exploration plans and the productivity of any wells that may be drilled in the Mantario area. 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. 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, 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
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