Post Tagged with: "Blackbird Energy"

Blackbird Energy Announces Record Results

Blackbird Energy Announces Record Results

Calgary-Based Blackbird Energy Inc. (stock ticker: BBI) announced record financial and operational results for the quarter ended October 31, 2018.   Highlights from the Q1 2019 Results: Petroleum and Natural Gas Sales $7.4 million ($46.31/boe) of petroleum and natural gas sales during the three months ended October 31, 2018. Represents a 186% increase from the comparative three months ended October 31, 2017. Realized condensate and oil prices of $76.57/bbl for the quarter. Approximately 72% of total revenues were attributable to high-quality liquids production during the quarter.   Production During the three months ended October 31, 2018, the Company achieved a record average total production rate of 1,736 boe/d comprised of 47% liquids. During the quarter: Produced 5.5 mmcf/d of natural gas 723 bbls/d of condensate and oil 98 bbls/d of NGLs 2 boe/d of non-core production. Produced for approximately 84 days during the first quarter of 2019 compared to 92[Read More…]

December 27, 2018 - 4:22 pm Canada, Closing Bell Story, International
Blackbird Energy, Pipestone Oil Corp. Announce Merger and $310 Million in Equity and Debt Financings

Blackbird Energy, Pipestone Oil Corp. Announce Merger and $310 Million in Equity and Debt Financings

October 30, 2018 18:00 ET | Source: Blackbird Energy Inc CALGARY, Alberta, Oct. 30, 2018 (GLOBE NEWSWIRE) — Blackbird Energy Inc. (“Blackbird”) (TSX-V: BBI) and Pipestone Oil Corp. (“Pipestone Oil”) are pleased to announce that they have entered into an agreement (the “Arrangement Agreement”) dated October 29, 2018 that provides for the combination of Blackbird and Pipestone Oil (the “Transaction”). Concurrent with the Transaction, Blackbird and Pipestone Oil have entered into agreements with certain of their existing shareholders who have committed to common equity financings totaling $111.0 million and Pipestone Oil has arranged $198.5 million of debt financing (collectively, the “Financings”). The Transaction and Financings will result in the strategic combination of two adjacent and contiguous Pipestone Montney land bases under a single well-capitalized, high growth company that will operate under the name Pipestone Energy Corp. (“Pipestone Energy”). Pipestone Energy will be the operator of a pure-play condensate-rich Montney asset in the Pipestone[Read More…]

Blackbird Energy Inc. Announces $12.4 Million Non-Brokered Private Placement

Blackbird Energy Inc. Announces $12.4 Million Non-Brokered Private Placement

Blackbird Energy Inc. (ticker: BBI)  announced today a non-brokered private of 32.5 million common shares of the Company for aggregate gross proceeds of $12.4 million, of which: 20.0 million common shares will be issued on a “flow-through” basis in respect of Canadian Development Expenses (“CDE”) at a price of $0.37 per share for gross proceeds of $7.4 million; and 12.5 million common shares will be issued on a “flow-through” basis in respect of Canadian Exploration Expenses (“CEE”) at a price of $0.40 per share for gross proceeds of $5.0 million. Proceeds from the Private Placement will be used to partially fund the Company’s exploration and development drilling and completion expenditures during the remainder of 2018. Pursuant to the provisions in the Income Tax Act(Canada), Blackbird will incur eligible CDE and CEE prior to December 31, 2018, in the aggregate amount of not less than the total gross proceeds of the CDE and[Read More…]

September 14, 2018 - 2:00 pm Closing Bell Story, Exploration and Production (E&P)
Operational Update: Blackbird Energy

Operational Update: Blackbird Energy

Blackbird Energy Inc. (TSX-V: BBI) has provided an operational update including planned drilling activity, an update on infrastructure build out and the continued progression of its development planning. Development program north of the Wapiti River expected to commence in early August: Blackbird has completed the construction of its 9-14 pad-site and expects to spud its first well from this location in early August. The Company has contracted a rig for the drilling of 7 (7.0 net) Montney wells and 2 (2.0 net) water disposal wells north of the Wapiti River, all of which are expected to be drilled and completed before June 2019. Infrastructure build out on schedule for mid-2019: Blackbird expects to commence the construction of its gas management site located at 5-14-071-07-W6M in the Dimsdale area in the fall of 2018. Blackbird has already secured the surface rights to all lands related to the gas management site. The[Read More…]

July 20, 2018 - 12:20 pm Closing Bell Story, Energy News, TOGC23
Blackbird Energy to Present at The Oil and Gas Conference

Blackbird Energy to Present at The Oil and Gas Conference

Blackbird Energy (CVE: BBI) Company Overview Blackbird Energy is a Canadian oil and gas exploration and development company focused on the liquids-rich Montney fairway at Pipestone, near Grande Prairie, Alberta. Blackbird holds a 100% working interest in 134 gross (114.5 net) sections of highly prospective Montney rights. Blackbird achieved record revenue and operating netback from its Pipestone / Elmworth project during the second quarter of 2018. The Company reported six million of petroleum and natural gas revenue and $3.4 million of operating netback during the three months ended January 31, 2018. In January Blackbird expanded its existing undrawn operating loan facility from $1.0 million to $20.0 million, which brought its future available funding to $27.0 million Summary Q1-2018 Revenue: $6.4 million Q1-2018 Production: 1.4 (MBOE/day) Total Common Stock Outstanding: 749 million Enterprise Value: $298 million Management Team Garth Braun – Chairman, President & CEO Karen Minton – CFO Craig Wiebe – Vice President,[Read More…]

July 12, 2018 - 1:38 pm Closing Bell Story, TOGC23
Blackbird Energy Reports Record Quarter

Blackbird Energy Reports Record Quarter

Blackbird Energy, Inc. (TSX-V:BBI) announced that for the three months ended April 30,2018 the company achieved a record high of $6.4 million ($49.81/BOE) of petroleum and natural gas sales, a 94% increase year-over-year for Blackbird. Blackbird was only able to produce for 70% of the quarter thanks to unscheduled third-party downtime, but managed a three month average of 1,447 BOEPD. Blackbird has also seen a 1,674% YOY increase in corporate netback as well as an 84% YOY increase in operating netback. Improved commodity pricing combined with a larger production base led to these increased netbacks. At April 30, 2018 the company had positive working capital of approximately $5.3 million of cash and no bank debt. The positive working capital and Blackbird’s credit facility capacity provided the company with $24.6 million of future available funding. Blackbird has also expanded its existing operating loan facility with ATB Financial from $1.0 million to[Read More…]

June 27, 2018 - 3:04 pm Closing Bell Story, Earnings, Oil and Gas 360 Articles
Blackbird Energy Resource Evaluation Increases by 149%

Blackbird Energy Resource Evaluation Increases by 149%

Blackbird Energy (TSX-V: BBI) has announced the results of an independent resource evaluation of its Pipestone/Elmworth Montney lands by McDaniel & Associates Consultants Ltd. McDaniel & Associates conducted the resource evaluation for this same area of lands for Blackbird Energy one year ago. The 2018 reports show a 149% increase of Best Estimate Development Pending Contingent Resources to 112.2 MMBOE as of May 1, 2018. In conjunction with these findings, the estimated risked before tax NPV of future net revenue, assuming a discount rate of 10% per year, was $CAD587.3 million. This is a 35% increase from last year’s evaluation. Blackbird has booked 29.4% of its Pipestone/Elmworth Montney acreage in addition to the booking of contingent resources in two of four prospective Montney intervals. The estimated cost to bring on commercial production for all four product types is approximately $CAD1,833 million and $CAD668 million when discounted at 10%. The estimated[Read More…]

June 12, 2018 - 4:58 pm Closing Bell Story, Oil and Gas 360 Articles
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…]

Source: blackbird energy

Blackbird Energy Provides Initial Production Results from Pipestone/Elmworth Montney Condensate Play

Blackbird Energy Inc. (ticker: BBI) had production results from three new development wells on its condensate-rich Pipestone/Elmworth Montney play. Blackbird also completed its planned delineation program and provided its preliminary 2018 outlook. Initial Production Results Blackbird’s total corporate December sales production averaged an estimated 1,972 BOEPD (55% liquids), with production online for 28 of a possible 31 days through the month. Consistent run times through December allowed Blackbird to collect initial 30-day production (IP30) data from three of its most recent development wells, as detailed below: Well IP30(1)(2)(3)(4)   Condensate (bbl/d) Natural Gas (mcf/d) NGLs (bbl/d) CGR(5)(bbls/mmcf) Total (boe/d) % Load Water Recovered(6) Lateral Length (meters)   02/6-26-70W6 (Upper Montney) 475 1,076 20 460 674 37 % 2,103   2-28-70-7W6 (Middle Montney) 300 1,881 24 172 636 24 % 1,977   15-21-70-7W6 (Upper Montney) 289 1,424 18 216 543 14 % 1,300   1) Production from these wells has been[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…]

Blackbird Energy’s Montney Growth Continues to Ramp

Blackbird Energy’s Montney Growth Continues to Ramp

Debt-free Blackbird Energy chalks up production record, scores new long-term gas processing agreements, secures ownership option for processing capacity in the Montney In an operational update put out by the company Wednesday, Blackbird Energy (ticker: BBI) highlighted several announcements including a new company record for production and a new gas processing agreement in Alberta’s Montney play. For the period of October 1 to October 21, 2017, Blackbird produced estimated average sales volumes of approximately 1,808 BOEPD (52% liquids), a new corporate production record and a 108% increase from third quarter average production of 868 BOEPD (49% liquids). The company shut-in production on October 21 due to unplanned third-party facility maintenance. Once production is back online, based on current processing agreements Blackbird expects that its inventory of wells will allow the Company to sustain consistent production of approximately 1,600 to 2,000 BOEPD and evaluate the productivity of both the Upper and[Read More…]

Blackbird Energy Appoints Chief Financial Officer

Blackbird Energy Appoints Chief Financial Officer

Blackbird Energy Inc. (ticker: BBI) has appointed Karen Minton as its CFO effective immediately, the company announced yesterday. In a press release Blackbird outlined Minton’s almost two decades of experience in senior financial roles in oil and gas and alternative energy. Prior to her appointment as Blackbird CFO, Minton was CFO at Lighthouse Oil & Gas. Previously she was corporate controller of Equal Energy Ltd. and VP finance and CFO of Dynetek Industries Ltd. Minton obtained her Chartered Accountant designation in 1993 and holds a Bachelor of Commerce degree from the University of Calgary. “I am delighted to have Karen join the Blackbird team … to oversee critical steps in Blackbird’s growth, including finalizing significant gas handling agreements and securing non-dilutive funding as the company transitions to full development,” Blackbird CEO Garth Braun said in a statement. In connection with her appointment, Minton has been granted 1,000,000 stock options exercisable at[Read More…]

Blackbird Energy Adds Montney Rights, Wells

Blackbird Energy Adds Montney Rights, Wells

Calgary-based Blackbird Energy Inc. (ticker: BBI) added additional acreage in its Pipestone/Elmworth location and reported updates to its development program and its expansion of the Eastern Pipestone/Elmworth gathering system. More in the Montney Blackbird increased its Pipestone/Elmworth Montney rights to 125 gross (108.9 net) sections—equivalent to 80,000 gross (69,696 net) acres. This is up from its previous 76,800 gross (66,469 net) acres. Additions to development During the months of June and July, Blackbird added two operated development wells which will undergo completions in August. Another development well is scheduled to be spud in early August, with completions scheduled to take place in October. All three wells will utilize STAGE Completions technologies in the completions design. The company also will be drilling and operating a delineation well, which is expected to be spud in early August and completed in late October. The well will target the Upper Montney in Blackbird’s Pipestone/Elmworth[Read More…]

Blackbird Energy Plans 3 More Montney Wells

Blackbird Energy Plans 3 More Montney Wells

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. Currently, the company is producing from three of its wells, two of which[Read More…]

Blackbird Energy Continues to Capitalize on the Montney Shale

Blackbird Energy Continues to Capitalize on the Montney Shale

Blackbird Energy Inc. (ticker: BBI) is pure-play focused on the Pipestone liquids-rich corridor of the Montney shale. The company holds a total of 120 gross, 103.9 net sections—equivalent to 76,800 gross, 66,496 net acres—in the Montney shale play, all of which are contiguous. Acquisitions Over the past several months, Blackbird has undertaken a number of acquisitions in order to increase its presence in the Montney resource play. In the words of Garth Braun—chairman, CEO, and president of Blackbird—the perception existed, “that there was a ‘donut hole’ in the Pipestone Montney” that disallowed effective production. The efforts of Blackbird’s innovation have paid off after, “the number of wells drilled and completed in [Blackbird’s] corridor has increased from approximately 20 to over 260,” and that the “donut hole has been filled in.” In March, 2017, Blackbird closed the acquisition of two gross, two net sections—equivalent to 1,280 gross/net acres—in the Montney from[Read More…]

Blackbird Energy Provides Operational Update in the Montney

Blackbird Energy Provides Operational Update in the Montney

Blackbird Energy plans to drill 11 operated wells in fiscal 2017 and 2018 Calgary-based Blackbird Energy (ticker: BBI) announced updates to both its operated and non-operated drilling programs Thursday. In the release, Blackbird said that the company plans to drill and complete an additional eight operated development wells on its western acreage and three operated delineation wells on its eastern acreage. The first two wells of this program are expected to be drilled on Blackbird’s western acreage from its existing 14-14 pad. The first well, targeting the Upper Montney, is expected to be drilled to a measured depth of approximately 4,800 meters, including a lateral of approximately 2,100 meters to downhole location 02/6-26-70-7W6 (the 02/6-26). The second well, also targeting the Upper Montney, is expected to be drilled to a measured depth of approximately 4,800 meters, including a lateral of approximately 2,100 meters to downhole location 8-27-70-7W6 (the 8-27 well).[Read More…]

Blackbird Energy Announces 2P Reserves of $455 Million

Blackbird Energy Announces 2P Reserves of $455 Million

Blackbird Energy announces 913% increase in 1P reserves Blackbird Energy (ticker: BBI) released a reserves report Monday which announced the company’s proved reserves (1P) increased 913% to 30,526 MBOE (46% NGLs), according to the company’s press release. The net present value of the company’s 1P reserves discounted 10% (NPV10) was $204 million based on an independent reserves evaluation, a 1,356% increase from the company’s previous 1P NPV10 value using the reserves evaluator’s forecasted price deck and the company’s forecasted costs. The Calgary-based company also announced its proved plus probable (2P) reserves increased by 814% in terms of volume to 59,169 MBOE (46% NGLs) and 1,002% in terms of value to $455 million using forecasted prices and costs. On a 1P basis, BBI has now booked 8 Pipestone / Elmworth Montney net sections, representing 7.9% of Blackbird’s acreage. On a 2P basis, the company has now booked 12 net sections, representing[Read More…]

UPDATE: Blackbird Energy Receives Capital for 12 Well Program

UPDATE: Blackbird Energy Receives Capital for 12 Well Program

Update: Blackbird acquires additional acreage in the Montney Blackbird Energy Inc. announced that it has entered into a binding agreement with Knowledge Energy Inc. for the acquisition of two gross sections (two net) of Montney rights for total consideration of 1,923,077 Blackbird common shares. These lands are contiguous with Blackbird’s existing lands and will, upon closing, increase Blackbird’s Montney rights at Elmworth/Pipestone to 116 gross sections (100.9 net). Assuming the same $0.55 per common share value from Blackbird’s earlier offering, the value of the shares is approximately $1.1 million. Blackbird Energy is sitting on 137 years of inventory with upside potential Calgary-based Blackbird Energy (ticker: BBI) closed its public offering for 112.5 million common shares for $0.55, 29.6 million shares issued on a “CEE flow-through” basis at $0.64 per share and 6.8 million shares issued on a “CDE flow-through” basis at $0.59 per share, for aggregate gross proceeds of $84.8[Read More…]

March 17, 2017 - 10:21 am 360 Profile Member
UPDATE: Blackbird Energy Receives Capital for 12 Well Program

UPDATE: Blackbird Energy Receives Capital for 12 Well Program

Update: Blackbird acquires additional acreage in the Montney Blackbird Energy Inc. announced that it has entered into a binding agreement with Knowledge Energy Inc. for the acquisition of two gross sections (two net) of Montney rights for total consideration of 1,923,077 Blackbird common shares. These lands are contiguous with Blackbird’s existing lands and will, upon closing, increase Blackbird’s Montney rights at Elmworth/Pipestone to 116 gross sections (100.9 net). Assuming the same $0.55 per common share value from Blackbird’s earlier offering, the value of the shares is approximately $1.1 million. Blackbird Energy is sitting on 137 years of inventory with upside potential Calgary-based Blackbird Energy (ticker: BBI) closed its public offering for 112.5 million common shares for $0.55, 29.6 million shares issued on a “CEE flow-through” basis at $0.64 per share and 6.8 million shares issued on a “CDE flow-through” basis at $0.59 per share, for aggregate gross proceeds of $84.8[Read More…]

Montney Player Blackbird Energy Grows Enterprise Value 8x in 2016

Montney Player Blackbird Energy Grows Enterprise Value 8x in 2016

Using the downcycle to your advantage The last two years have been a difficult period for the oil and gas industry. The drop in oil prices following OPEC’s November 2014 decision to defend market share over oil prices left the industry in a world of hurt as the value of a barrel of oil tumbled from over $100 to less than to just over $26 in less than 20 months. Many companies were unfortunately unable to make it through the downturn, and many more were forced to sell assets and cut back spending in order to survive, but in that environment some were able to prosper. Calgary-based Blackbird Energy (ticker: BBI) was one such company, growing more than 8x over the course of 2016 from a company with a $41 million enterprise value to one with a $357 million enterprise value. Throughout the downturn, the company remained focused on growing[Read More…]

Blackbird Expects Initial Montney Production on Jan. 30

Blackbird Expects Initial Montney Production on Jan. 30

Blackbird Energy announces commissioning of its Elmworth / Pipesone facility Calgary-based Blackbird Energy (ticker: BBI) announced Thursday that its 100% owned and operated Elmworth / Pipestone facility gathering system is currently being commissioned. The company expects that it will achieve initial Montney production on Monday, January 30, 2017, BBI said in a press release. Blackbird Chairman, CEO and President Garth Braun said, “The transition to production and cash flow is a significant step in Blackbird’s evolution. The production data obtained over the following months will enable Blackbird to more accurately plan for large-scale processing and take-away commitments.” BBI completed construction on the facility earlier this month near the budget of $16.1 million. Blackbird’s facility will have an initial capacity of approximately 10 MMcf/d of natural gas plus associated liquids of approximately 1,500 bbls/d, for aggregate throughput of approximately 3,150 boe/d. The facility includes liquids recovery and stabilization. The facility has[Read More…]

Blackbird Energy Announces Quarterly Results

Blackbird Energy Announces Quarterly Results

Blackbird Energy (ticker: BBI) announced its financial results for the three months ended October 31, 2016. Blackbird’s assets include Elmworth Montney property located near Grande Prairie, Alberta, as well as non-core assets in Saskatchewan and Alberta. Elmworth consisted of 88.75 gross sections (56,800 gross acres) or 87.25 net sections (55,840 net acres) of highly prospective Montney lands as at October 31, 2016. This land is in close proximity to lands currently being developed by several competitors. The Elmworth property is located in a condensate and liquids-rich gas corridor of the Montney which has up to 200 metres of aggregate net pay in at least three potential zones: the Upper; Middle; and Lower Montney. Blackbird has drilled four Montney wells at Elmworth, two in the Upper Montney and two in the Middle Montney. Blackbird is currently drilling its fifth well, targeting the Upper Montney at Elmworth / Pipestone on the western[Read More…]

December 19, 2016 - 6:29 pm 360 Profile Member, Closing Bell Story
Blackbird Energy Sets Montney Completion Record without Coil Tubing

Blackbird Energy Sets Montney Completion Record without Coil Tubing

Stage Completions’ Bowhead II Technology Allows Blackbird to Achieve Montney Record in 1 Hour Stages Blackbird Energy’s (ticker: BBI) 102/2-20-70-7W6 Upper Montney well has set a new record for the play. Using Stage Completions’ Bowhead II fracturing system, Blackbird was able to complete a 3,757 ton, 76 stage completion program at rates as high as 10 cubic meters per minute (63 barrels per minute), making it the largest completion in a 4.5 inch monobore Montney well without coil tubing assist, according to a press release from the company Tuesday. The collet design of the Bowhead II also reduces time between stages. Coupled with the pumping rates, this allows for each stage to be completed in approximately one hour, with the fastest stage in Blackbird’s well taking only 45 minutes. The improvements in both direct and indirect costs that this provides has made it possible for Blackbird to reduce its well[Read More…]

Blackbird Energy Spuds Well

Blackbird Energy Spuds Well

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. 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[Read More…]

The Market is Taking Note of The Montney Players

The Market is Taking Note of The Montney Players

The stacked pay in the Montney is delivering higher EURs than the Permian at a fraction of the land cost Oil and gas operators have been increasingly sending capital in the Permian Basin as they look for the strongest returns amid continued weakness in crude oil prices. Billions of dollars have poured into the basin, which currently holds 41% of the active rigs in the United States, and while a great deal of attention is being paid to the excellent results seen in the region, another liquids-rich unconventional play is being developed to the north: Canada’s Montney. The 50,000 square mile play is roughly the size of the Bakken, but much thicker, according to Oil & Gas Equity Research Associate at TD Securities Juan Jarrah. The play is roughly the height of the Eiffel Tower (984 feet) Jarrah told an audience at EnerCom’s The Oil & Gas Conference® 21 in[Read More…]

Blackbird Energy Accelerates Business Plan with $13 Million Private Placement

Blackbird Energy Accelerates Business Plan with $13 Million Private Placement

Blackbird to continue delineating its liquids-rich Montney assets Calgary-based Blackbird Energy (ticker: BBI) announced two non-brokered private placements of common shares Tuesday. 27,150,000 shares will be issued in total for proceeds of approximately $13 million. 16,500,000 of those shares were issued on a “flow-through” basis pursuant to the Income Tax Act (ITA) in respect of Canadian Exploration Expenses (CEE) at a price of $0.485 per share for gross proceeds of approximately $8.0 million, while another 10,650,000 flow-through shares pursuant to the ITA in respect of Canadian Development Expenses (CDE) at a price of $0.47 per share for gross proceeds of approximately $5 million, the company said in a press release. The proceeds from the private placements will allow the company to accelerate its business plan, and take advantage of “significant momentum … building in the greater Elmworth/Pipestone corridor” that the company sees building. Blackbird put out a release on October[Read More…]