CALGARY, ALBERTA--(Marketwire - Dec. 11, 2012) - Blackdog Resources Ltd. ("Blackdog" or "The Company") (TSX VENTURE:DOG) is pleased to announce it has commenced its winter program for 2012-2013 at its light oil property at Woking, Alberta.
The Company recently switched operators on the property and has restructured both its infrastructure and operational strategy to optimize the Company's operations at Woking. Now that these processes are in the place the Company is moving ahead with its growth plans.
Based on successful results, the Company intends to initiate production from 3 additional light oil wells by the end of December, 2012. The first of these wells is expected to commence production by the end of the week. During Q1, 2013, the Company intends to test 2-3 additional wells and if successful initiate production from those wells by the end of March, 2013. The Company has an average working interest ("W.I.") of approximately 90% on the light oil wells at Woking. The Company will update production rates at Woking after the new wells are producing at stabilized rates.
Blackdog is a junior oil and gas Company focused on light oil development in South East Saskatchewan and Alberta. The Company currently has 27,166,212 common shares outstanding.
Certain information regarding Blackdog in this news release, including management's assessment of future plans for the Woking property, and the Company's operations, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with the results of operations at Woking, development, production, marketing and transportation, loss of markets, volatility of commodity prices, imprecision of reserve estimates, environmental risks, competition from other producers, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Blackdog's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements or information contained in this news release are made as of the date hereof and Blackdog does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
- Investment & Company Information
David A. Corcoran