Current BBI:CA Stock Info

Blackbird Energy announced that it plans to drill and complete approximately three operated wells through the end of the calendar year

Calgary-based Blackbird Energy (ticker: BBI) announced the company’s results for the quarter ended April 30, 2017 – Q3 for the company. In the company’s release, Blackbird announced that it exited the quarter with $71.8 million of working capital on its balance sheet, an NPV10 value on its 2P reserves of $455 million (up 1,002% from July 31, 2016), and that the company’s production averaged 868 BOEPD through the quarter.

The company plans to build its production to 32 MBOEPD by 2021, according to its investor presentation. BBI completed a public offering in March of this year, providing the company with gross proceeds of $84.8 million, which Blackbird believes will provide the catalyst for its projected growth.

Blackbird targets 32 MBOEPD of takeaway by 2021

Currently, the company is producing from three of its wells, two of which are targeting the Middle Montney while the third targets the Upper Montney. For the remainder of the calendar year, Blackbird plans to recomplete its 15-21 Upper Montney well (previously called the 3-28) in August 2017 and tie it into the company’s gathering system. The company recently recompleted its 02/2-20 Upper Montney well which is expected to commence production “in the near-term,” according to Blackbird.

In addition to the 15-21 and 2-20 recompletion operations discussed above, during the remainder of calendar 2017 Blackbird plans to finish drilling the 102/6-26 well, complete the 102/6-26 well using the Stage System, and drill and complete approximately two additional operated wells (the 2-28-70-7W6 and 1-20-70-7W6, both on existing pads), the company said in its press release. Blackbird will also participate in the completion operations of the 3-17 non-operated well on Blackbird’s south-eastern lands.

The operations outlined above are expected to cost approximately $30.0 – $35.0 million, depending on completion design and lateral lengths. Blackbird is in the final stages of preparing its capital budget for fiscal 2018.

“As Blackbird continues to execute on its operations and gather important production data, it becomes better positioned to finalize gas handling and take-away agreements, allowing for continued growth as Blackbird executes on its business plan,” BBI said in its release.

Blackbird Energy presenting at EnerCom’s The Oil & Gas Conference® 22

Blackbird will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.

The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors.  The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.

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