Current BBI:CA Stock Info

Blackbird Energy Inc. (ticker: BBI) has released test results from its 3-27-71-7W6 Upper Montney delineation well. The well flowed at an average estimated sales rate of 1,188 BOEPD (53% liquids, liquids/gas ratio of 190 Bbls/MMcf) over the final 48-hours of a 12-day production test.

The 3-27-71-7W6 Upper Montney delineation well was drilled to a total depth of 4,604-meters with a lateral of 2,200-meters and completed over 59 intervals using the STAGE System exclusively. Approximately 4,500 tons of sand was placed, representing a completion intensity of approximately 2.0 tons per meter.

In February 2018, Blackbird’s total sales production averaged an estimated 2,252 BOEPD (59% liquids) for the 15-days the company was able to produce during the month. Subject to the tie-in of the 3-27-71-7W6 Upper Montney and 2-20-70-6W6 Middle Montney delineation wells, the company estimates that its current unrestricted flowing productive capacity from its 10 operated wells to be approximately 6,000 BOEPD. February volumes were impacted by approximately 13 days of unscheduled third-party downtime.

The company said it anticipates a similar level of third-party downtime impact in March 2018, with a return to consistent operations thereafter. The February volumes do not include the ~5,285 barrels of condensate produced during production testing of the company’s 2-20-70-6W6 Middle Montney delineation well.

Blackbird said that it expects to meet its initial 20 MMcf/d commitment at the proposed Tidewater Midstream & Infrastructure Ltd. deep cut sour gas processing facility located near Wembley, Alberta. The company will meet its commitment through the drilling, completion and tie-in of five net additional wells north of the Wapiti River.

The company also expanded its credit facility – Blackbird’s revolving operating loan facility has gone up from $1 million to $20 million.

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