Blackbird Energy Inc. Provides Operations Update
CALGARY, ALBERTA--(Marketwired - Oct. 27, 2015) - Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is pleased to provide an operational update regarding its drilling program at Elmworth.
Blackbird is pleased to announce that it has successfully drilled, logged and cased it's third 100% working interest well at Elmworth, located at 2-20-70-7W6 (the "2-20" well).
The 2-20 well drill program included the drilling of a vertical pilot well from surface location 10-8-70-7W6 to a vertical depth of 2,582 meters. The vertical pilot well was then logged using state of the art logging technology, from surface to the bottom of the Lower Montney. Upon completion of logging operations, Blackbird drilled a horizontal leg of approximately 2,000 meters targeting the Middle Montney formation to downhole location 2-20-70-7W6. The total measured depth of the 2-20 well is 4,660 meters.
The 2-20 well was spud on September 24, 2015 and drilling operations were completed in 32 days from spud to rig release, including 8 days to drill and log the vertical pilot well. This represents a significant improvement in drilling efficiency and planned capital expenditure compared to Blackbird's 6-26 and 5-26 wells.
Blackbird is planning to complete the 2-20 well using NCS sliding sleeve frac technology run on coiled tubing. The completion will consist of 71 individual foam fracs over the horizontal length of approximately 2,000 meters. Subsequent to completion operations, the 2-20 well will be production tested. The Company expects to announce results from the 2-20 production test in January 2016.
Blackbird Energy Inc. is an emerging oil and gas exploration company focused on the liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
Blackbird also announces that Mr. Darrell Denney has resigned from the Company's board of directors.
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, the anticipated timing and details for the completion programs regarding the 2-20 well, the fracing operation and the eventual production testing. 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.
(October 27, 2015 - 2:01 AM EDT)
News by QuoteMedia