Blackbird Energy Inc. (ticker: BBI) reported for the three months ended January 31, 2018, a net loss of CDN$1.71 million, or a net loss per share of $(0.00). For the six months ended January 31, 2018, the company reported a net loss of $3.4 million, or $(0.00) per share.
Blackbird Financial Chart, Mar. 2018
Note: (1) See the company’s Q2 2018 financial statements and related management’s discussion and analysis filed on SEDAR for further discussion and cautionary statements regarding the figures above.
For the three months ended January 31, 2018, Blackbird had a production rate of 1,273 BOEPD. The company has acquired four pad sites for near-term development and has licensed 11 further wells north of the Wapiti River and to the west of Grande Prairie.
Investments
Blackbird invested $17.5 million during the three months ended January 31, 2018, drilling 1 net well, completing 2 net wells, recompleting 1 net well and bringing 1 net well on production.
The company incurred higher drilling and completions capital costs during the period due to a number of factors including: recompleting the 2-20-70-6W6 Middle Montney well, step-out drilling and completion operations for exploration wells and production testing costs associated with wells completed.
Blackbird expects to continue to reduce its drilling and completions costs in the future as it moves towards pad site development north of the Wapiti River and normalizes completions by deploying the STAGE System in its wells.
During the three months ended January 31, 2018, the company acquired 3 gross (2 net) additional sections of undeveloped Pipestone/Elmworth Montney land for cash consideration of $0.2 million.
Travis Belak becomes BBI controller
“I am very pleased to promote Travis to the position of controller. He has been a long-standing member of the Blackbird team and has been a critical component of the finance team during Blackbird’s transition from an early-stage exploration company to the producer it has become today. I look forward to working with Travis as Blackbird continues to develop our asset…,” said President and CEO Garth Braun.
Prior to his appointment as controller, Travis Belak held the position of senior financial accountant with the company. Belak is a chartered professional accountant with over eight years of broad finance experience in financial reporting, internal controls, taxation and audit. Belak began his career with an international big four public accounting firm and has since held positions of increasing responsibility with Canadian Natural Resources Limited and Blackbird.
