Current BBI:CA Stock Info

Blackbird spuds 3-28 Montney well at Elmworth

Blackbird Energy (ticker: BBI) announced that it has spud the 3-28 Upper Montney well. The well is located in the play’s “volatile oil” window, which is defined as having more than 250 barrels of condensate per MMcf of natural gas. The well has a lateral length of approximately 2,150 meters, and will be completed with using a Stage Completions’ system.

Blackbird closes investment of 10% interest in Stage Completions

Blackbird announced Wednesday that the company closed on its previously announced acquisition of an indirect 10% minority interest in Stage Completions for $3.0 million. Stage Completion’s technology has been used in a number of Blackbird’s wells, contributing to well results that show higher EURs than Permian wells.

Blackbird Energy slide breaks down EURs and valuations between the Montney and Permian showing a clear disconnect

Stage Completions is a privately held Canadian well technology and services company that has developed a patented sliding sleeve completion system that utilizes a pump down collet to open the sleeves. The Stage completion system does not require a coil tubing unit and allows for greater pumping rates, reduced friction and reduced time on surface, according to Blackbird.

Stage Completions has published a case study based on its use of the technology on a Blackbird injection well in which six stages for the water disposal well were pumped and completed with a 100% success rate. The case study highlighted results: “The system’s behavior during the job was similar to that of a ball drop system in the sense that an operator can clearly see when a collet engages its specific profile, a pressure build to shear the lock-in pins and the subsequent shifting of the valves to commence the frac job.”

This technology, along with operational efficiencies that have reduced the drilling costs of Blackbird’s wells by 54%, have helped BBI and other Montney players to outperform companies in major U.S. basins year-to-date, according to EnerCom Analytics.

Based on a price weighted index, EnerCom’s Montney index is up 125% year to date. Blackbird’s share prices has increased 260% year-to-date.

YTD indexed share performance by basin shows Montney players outperforming companies in US basins including the Permian


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