Post Tagged with: "BBI"

Blackbird Energy Reports Q2 2018

Blackbird Energy Reports Q2 2018

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. 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[Read More…]

Source: BBI

Blackbird Energy Updates Wells, Ups Credit Facility to $20 Million

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[Read More…]

Source: BBI

Blackbird Energy’s Middle Montney Well Produces High Level of Condensates

Blackbird Energy Inc. (ticker: BBI) has released test results from its 2-20-70-6W6 Middle Montney delineation well, which is located on the company’s eastern multi-interval delineation block. The well is more than five kilometers east of Blackbird’s previous operated development drilling. The 2-20-70-6W6 Middle Montney Delineation well produced at a short-term rate of 1,163 BOEPD, including 824 Bbls/d of condensate, Blackbird CEO and Chairman Garth Braun said. “This test represents our highest condensate rate from the Middle Montney to date, and we believe further confirms the multi-interval potential of Blackbird’s lands, which are situated in what we consider to be one of the most liquids-rich corridors in the entire Montney fairway,” Braun said. Well Final 72 Hour Rate of 10 Day Production Test(1)(2)(3) Condensate (Bbl/d) Natural Gas (Mcf/d) NGLs (Bbl/d) CGR(4)(Bbls/MMcf) Total (BOEPD) Lateral Length (meters) 2-20-70-6W6 (Middle Montney) 824 1,877 28 454 1,163 2,256 1) Numbers may not add due[Read More…]

February 13, 2018 - 6:43 pm Canada, Closing Bell Story, Oil and Gas 360 Articles
Source: BBI

Blackbird Energy Glides Into 2018

Blackbird Energy Inc. (ticker: BBI) has provided an update regarding its operations. Blackbird’s total corporate January sales production averaged an estimated 1,978 BOEPD (58% liquids) for the 17 days the company was able to produce during the month. Estimated sales production averaged 1,056 BOEPD on a calendar day basis through January, with volumes being impacted by approximately 14 days of unscheduled third-party downtime. Productive wells Blackbird said that its 1-20-70-7W6 Upper Montney development well was flowed back on clean-up for approximately 11 days. Over the final 48 hours of the production test, prior to running production tubing, the well flowed at 1,054 BOEPD (54% liquids). Blackbird recently tied-in a total of 8 net wells. Management estimates these wells have an unrestricted productive capacity in excess of 3,800 BOEPD. In addition, the company expects to test its 2-20-70-6W6 Middle and 3-27-71-7W6 Upper Montney delineation wells in February and March, respectively. More[Read More…]

Blackbird Energy Announces Q1 2018 Results

Blackbird Energy Announces Q1 2018 Results

Blackbird Energy (ticker: BBI) has released its financial and operational results for the quarter ended October 31, 2017, Q1 2018 in Blackbird’s financial calendar. Highlights Q1 2018 Production: While on production during the quarter, Blackbird produced 5.6 MMcf/d of natural gas, 863 bbls/d of condensate and 80 bbls/d of NGLs for total production of 1,876 BOEPD. During the three months ended October 31, 2017, Blackbird averaged production of 2.1 MMcf/d of natural gas, 328 bbls/d of condensate and 30 bbls/d of NGLs for total production of 712 BOEPD despite significant third party natural gas processing plant shut-downs, which resulted in significant increases to per BOE operating costs. Blackbird was only able to produce for approximately 35 days during the first quarter of 2018 compared to 92 total calendar days in the quarter which resulted in $2.6 million of revenue. Capital Investment: Blackbird invested $29.2 million during the three months ended[Read More…]

Blackbird Energy Inc. (TSX-V: BBI) 2017 Year End Results

Blackbird Energy Inc. (TSX-V: BBI) 2017 Year End Results

2017 highlights Equity financing – closed an upsized and over-subscribed marketed public offering for total gross proceeds of $84.8 million on March 14, 2017 Reserves – reported Pipestone/Elmworth Montney proved plus probable (2P) reserves of $395 million Revenue – $6.2 million during the year ended July 31, 2017, with $48.8 million of working capital surplus Q4 and 2017 production: While on production during the quarter, Blackbird produced 5.5 Mmcf/d of natural gas, 594 bbls/d of condensate, and 88 bbls/d of NGLs for total production of 1,589 BOEPD. While on production during the year, Blackbird produced 5.2 Mmcf/d of natural gas, 665 bbls/d of condensate, and 78 bbls/d of NGLs for total production of 1,609 BOEPD. Gas processing: In November, Blackbird Energy Inc. executed an agreement for firm processing of raw gas produced from the company’s condensate rich Pipestone/Elmworth Montney play. The agreement has an initial term of five years with[Read More…]