Blackbird Energy Inc. Announces Executive Changes and the Release of Q2 2015 Financial and Operating Results
CALGARY, ALBERTA--(Marketwired - March 31, 2015) - Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is very pleased to announce that Mr. Don Noakes has joined Blackbird as Vice President, Operations. The Company also announces that Blackbird's former Chief Operating Officer, Mr. Darrell Denney, is no longer an officer or employee of the Company.
Mr. Noakes is a Professional Engineer that brings over 30 years of operational oil and gas experience focused on drilling, completions, production operations and reservoir exploitation. Mr. Noakes has extensive knowledge of unconventional resource plays having been directly involved in the planning and execution of drilling and completion operations of over 100 wells over the last five years within the Montney, Wilrich, Dunvegan, and Cardium horizons all within the Deep Basin of Northern Alberta. More relevant to Blackbird, Mr. Noakes directly supervised the drilling and completion operations of Montney wells up to approximately 6,000 meters in length within the Kakwa / Jayar region, which is on trend with Blackbird's Elmworth acreage. Most recently, Mr. Noakes supervised Montney wells that achieved a 40% reduction in drilling times through the implementation of the latest bit and motor technology, in conjunction with the optimization of drilling fluids.
Prior to joining Blackbird, Mr. Noakes held senior positions through his consulting company at Murphy Oil, Mosaic Energy Ltd., APL Oil and Gas, Bow Valley Energy, and Culane Energy, in addition to permanent positons within Magin Energy Inc. and Mobil Oil.
Mr. Garth Braun, Chairman, CEO and President noted, "Mr. Noakes' operational and engineering expertise will prove critical as we move into our next phase of exploration and development at Elmworth. With this latest executive addition, we now have the core management team in place to provide operational expertise and strategic direction to maximize future value for shareholders."
In connection with his appointment, Mr. Noakes has been granted 1,000,000 stock options exercisable at a price of $0.23 until March 31, 2020 pursuant to the terms of the Company's stock option plan. This stock option grant is subject to the acceptance of the TSX Venture Exchange.
Q2 2015 Financial and Operating Results
Blackbird is also is pleased to announce that it has released its financial and operating results as at and for the three and six months ended January 31, 2015. Blackbird's unaudited condensed consolidated interim financial statements and management discussion and analysis for the quarter ended January 31, 2015 are available on SEDAR at www.sedar.com and will also be posted to Blackbird's website at www.blackbirdenergyinc.com.
Blackbird Energy Inc. is an emerging oil and gas exploration company focused on the liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). 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. Such statements include, but are not limited to, management's beliefs as to the effect of Don Noakes' operational and engineering expertise on the Company and Blackbird's ability to maximize future value for shareholders. 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 and business conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration, development and production including drilling risks, (3) the price of and demand for oil and gas and their effect on the economics of oil and gas exploration, (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. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this press release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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 PRESS RELEASE.
(March 31, 2015 - 5:28 PM EDT)
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