Blacksteel Energy Inc. Announces Receipt of Elkton Well License, Spud of Well and Change of Management
August 20, 2013 (Source: Marketwired) — NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Blacksteel Energy Inc. (TSX VENTURE:BEY) (“Blacksteel” or the “Corporation“) is pleased to announce the receipt by its industry partner of a well license to drill the Elkton 16-26-27-1 W5M well. Participation by Blacksteel as a farm-in partner on this well was announced previously by the Corporation, but receipt of the well license had been delayed when objection to drilling of the well was filed by TransCanada Pipelines Limited, CrossAlta Gas Storage & Services Ltd., and TransCanada Energy Ltd., the owners of the Crossfield Gas Storage facility, due to a concern over proximity of the well to their gas storage facility. This objection created a one year delay in receipt of the well license and necessitated the requirement for a hearing process by Blacksteel’s industry partner before the Alberta Energy Regulator (the “AER“).
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Following the announcement of the AER findings on July 24, 2013 and the subsequent issuance of the well license, a drilling rig was contracted, the surface lease was prepared and the well was spuded on August 16, 2013.
The Corporation also announced that subsequent to closing of its previously announced financing and the successful receipt of the well license for the Elkton well, Curtis Hartzler has resigned from his position as President and CEO of Blacksteel as a result of other commitments, but will continue to serve as a Director of the Corporation. Les Treitz has agreed to assume the role of President and Chief Executive Officer of the Corporation on an interim basis.
Blacksteel is a junior oil and gas company involved in the exploration, exploitation, development and production of petroleum and natural gas resources. The focus of the company remains on establishing a low risk, high net back, light oil weighted platform to build the company. The Corporation has a 100% working interest in a four section petroleum and natural gas lease in the Del Bonita Area of Southern Alberta, which it believes may have Bakken potential. It also has a 25% working interest in one section of land in the Crossfield area, which the Corporation believes is oil prospective in the Elkton formation, and varying working interests of 22% – 37.5% in 1840 acres of Crown land in the Devon area of Alberta.
Forward-Looking Information Cautionary Statement: This document contains forward-looking statements regarding the business and operations of Blacksteel. All statements other than statements of historical fact contained herein are forward-looking statements under applicable securities laws. In particular, statements as to the Corporation’s anticipated transactions are forward-looking statements. These forward looking-statements are based upon various assumptions. The Corporation’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefit the Corporation will derive there from. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither 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.
Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>