Blackbird Energy (ticker: BBI) announced its financial results for the three months ended October 31, 2016. Blackbird’s assets include Elmworth Montney property located near Grande Prairie, Alberta, as well as non-core assets in Saskatchewan and Alberta.
Elmworth consisted of 88.75 gross sections (56,800 gross acres) or 87.25 net sections (55,840 net acres) of highly prospective Montney lands as at October 31, 2016. This land is in close proximity to lands currently being developed by several competitors. The Elmworth property is located in a condensate and liquids-rich gas corridor of the Montney which has up to 200 metres of aggregate net pay in at least three potential zones: the Upper; Middle; and Lower Montney. Blackbird has drilled four Montney wells at Elmworth, two in the Upper Montney and two in the Middle Montney. Blackbird is currently drilling its fifth well, targeting the Upper Montney at Elmworth / Pipestone on the western edge of the company’s lands.
The company recently set a production record in the Montney using Stage Completions’ Bowhead II fracturing system, Blackbird was able to complete a 3,757 ton, 76 stage completion program at rates as high as 10 cubic meters per minute (63 barrels per minute), making it the largest completion in a 4.5 inch monobore Montney well without coil tubing assist.
In addition to information regarding Blackbird’s acquisition of a 10% indirect interest in Stage Completions, BBI’s Management Discussion and Analysis contains updates on the company’s midstream infrastructure and finances. Click here to view Blackbird’s Q1 report.
