(BBI-V) Canada’s Shale Boom: More To Come In Montney - stockhouse.com
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Blackbird Energy (BBI-V) Sept 11, '14 has provided the following update on its operations and continuing business. Completion of additional Montney land acquisition and receipt of Crown lease
Blackbird is pleased to report that it has closed its previously announced acquisition of eight additional sections contiguous with its existing Elmworth project and 77 sections of Montney prospective land in East Wapiti located northeast of the Elmworth project. With completion of this land purchase, Blackbird now holds a 36-section contiguous block of land at Elmworth bringing the company's total Montney prospective land position to 117 sections (74,880 net acres). In addition, Blackbird is pleased to announce that it has received its mineral surface lease from the Alberta Energy Regulator for the construction of its first well site for the drilling of its previously announced well to access the Montney formation in the Elmworth project. With the receipt of the lease, Blackbird will proceed with the next step of obtaining the required well licence, which it anticipates receiving shortly.
Anticipated closing of Bigstone sale
As previously announced, the company has signed a binding purchase and sale agreement for the sale of eight gross (3.5 net) sections of Montney rights, known as Blackbird's Bigstone project, for a cash purchase price of $8.8-million before closing adjustments. The previously announced expected closing date of Sept. 1 has been moved to Sept. 15, and the sale has received TSX Venture Exchange approval.
Appointment of vice-president of drilling and completions
The company is pleased to announce that Randy Schmautz has been appointed as vice-president, drilling and completions, of Blackbird.
Mr. Schmautz is a registered engineering technologist with over 35 years of experience in the Western Canadian sedimentary basin. Mr. Schmautz has designed, executed and directed drilling and completion operations on over 350 wells over the past 16 years. During the past two years, Mr. Schmautz has been responsible for all Duvernay drilling and completions engineering and operations targeting the Duvernay at Trilogy Energy Corp. Prior thereto, Mr. Schmautz was director, drilling and completions at Progress Energy Resources Corp. from 2008 until 2012, where he presided over a capital budget of between $120-million and $240-million per year, targeting the Montney.
In connection with his appointment, Mr. Schmautz has been granted one million stock options exercisable at a price of 36.5 cents until Sept. 10, 2019.
Garth Braun, chief executive officer of Blackbird, noted: "Blackbird continues to execute on its strategy of aggregating both exceptional land at a cost-effective basis and exceptional talent that will assist in the development and delineation of its resource assets. Blackbird going forward, is determined to continue to grow through further land acquisitions and production opportunities commencing with its first high-impact Elmworth well scheduled for Q4 2014." |
