Blackbird Energy Inc. (TSX VENTURE:BBI)(“Blackbird” or the “Company“) is very pleased to announce a summer drill program consisting of one horizontal well targeting the condensate-rich Middle Montney at its Elmworth Montney project which consists of a 100% working interest in 81 sections (51,840 acres). The well is a 5.6 km (3.5 mile) easterly step out from the first two Blackbird operated Montney wells. This well will continue the process of delineating Blackbird’s Montney acreage. The well will be spud from surface location 11-9-70-06W6 with a vertical depth of approximately 2,370 meters and a lateral length of approximately 2,000 meters to location 2-20-70-06W6. Blackbird intends on spudding the well, subject to the timing of license approval, at the beginning of the third quarter of the calendar year (Q3 2015).
Blackbird is also pleased to announce today the appointment of Mr. Burton Joel Ahrens, J.D. to the Board of Directors. Since 1992, Mr. Ahrens has been President of The Edgehill Corporation, a diversified venture capital and money management company. He has been a director of several public and private corporations and is currently a director of Canadian Energy Services and Technology Corp. Mr. Ahrens received his B. A. degree from Cornell University in 1959 and his J.D. from Yale Law School in 1962, where he was an Editor of the Yale Law School Journal. He began his law career with Cravath, Swaine & Moore, and for 20 years was a founding Senior Partner of Feit & Ahrens, a firm specializing in oil and gas and venture capital matters. He was consultant to the late Senator Russell Long, Chairman of the Senate Finance Committee, on energy related matters. He has appeared as an expert witness on energy matters domestically and in an International Court of Arbitration. He has been active in a number of pro bono activities, including Chairman of the Northeastern region of AIPAC, President of the American Friends of Haifa University and a member of the Executive Committee of the Yale Law School.
Mr. Garth Braun, Chairman, CEO and President noted, “Blackbird’s summer drill program is focused on continuing the delineation of the free condensate-rich fairway established with our first two Montney wells. With our enhanced operations team we anticipate seeing well cost reductions of between 15%-20% compared to our first two wells at Elmworth. Blackbird is also evaluating a transition to a sliding sleeve completion method and increasing the overall tonnage used in our frac operations.” Mr. Braun commented further, “With the appointment of Burt Ahrens, Blackbird has added an extremely experienced board member who has extensive finance, legal, operational and capital markets experience.”
In connection with his appointment, Mr. Ahrens has been granted 750,000 stock options exercisable at a price of $0.21 until May 20, 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.
Blackbird Energy Inc. is an emerging oil and gas exploration company focused on the liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
For more information please view our Corporate Presentation at www.blackbirdenergyinc.com.