VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2012) - Blackbird Energy Inc. (BBI.V - News) ("Blackbird" or the "Company"), is pleased to provide the following update on our Bigstone, highly liquids rich natural gas resource project.
The fracing and completion operations planned for our recently drilled, Montney "Extended Reach" horizontal well 00/13-33-060-22W5/0, have been delayed due to the annual spring break-up imposed road-bans which were activated during the second week of April. Movement of heavy equipment over secondary road systems in foothills areas, such as those required to access the Bigstone field, is restricted during the wet, spring thaw period to minimize road damage. Duration and extent of active road-bans are variable, typically ending during late May to mid-June, contingent upon weather conditions. As soon as practicable, after road bans are removed, in accordance with the "Cross-Conveyed Pooling and Participation Agreement" the operator will commence the completion phase of the operations. The well is equipped with liner and packer assembly configuration which will provide the ability to conduct up to 27 frac stages. Blackbird holds an undivided 12.5% pooled interest in the Pooled Lands and is participating as to a 12.5% working interest in the drilling and completion of the 13-33-060-22W5 well.
As stated in our April 10, 2012 press release, construction of the surface production facilities and 1.6 mile, 8 inch pipeline to the Delphi operated gas gathering system has been completed and ready for production. The gas gathering plant through which our production will be processed, is scheduled for major plant turnaround maintenance operations and may take up to 6 weeks or to the end of June, delaying our previous estimated start-up date to sometime during the latter part of June.
Blackbird's Bigstone Project is comprised of lands and licenses covering a total of 5,120 acres (net 1,120 acres), in Township 60, ranges 22 and 23W5 at Bigstone, Alberta. By completing the terms of a farm in agreement with Donnybrook Energy Inc, Blackbird earned 25 per cent of Donnybrook's interest in the Bigstone lands and in any future operations within an area of mutual interest.
Blackbird's wholly-owned subsidiary Blackbird Energy Holdings LLC ("Blackbird Energy") holds a 75% interest in 3,857 acres of leasehold land located in Gray County, Texas known locally as the "Mathers-Gordon Prospect". The Mathers-Gordon Prospect is a multi pay oil and gas prospect. Blackbird Energy is the operator of the prospect. In addition, Blackbird plans to actively look for further oil and gas properties for acquisition or potential joint ventures.
On behalf of the board of BLACKBIRD ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding Donnybrook's ability to drill the next well on the project, the timing of the drilling and any results from the well specifically or the Montney Shale play in general. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration and production, (3) a decreased demand for natural gas, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.