CALGARY, ALBERTA--(Marketwired - Mar 16, 2017) - Blackbird Energy Inc. ("Blackbird" or the "Company") (TSX VENTURE:BBI) is pleased to announce 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 (the "Acquisition"). 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).
Closing of the Acquisition is subject to TSX Venture Exchange acceptance and certain other conditions customary for acquisitions of this nature. Closing of the Acquisition is expected to occur on or around March 23, 2017.
Results of the 2017 Annual and Special Meeting of Shareholders
Blackbird is pleased to announce that all matters put forth in the notice of meeting and management information circular of the Company dated January 13, 2017 were passed at the annual and special meeting of shareholders ("AGM") held on March 8, 2017, including: the election of Garth Braun, Kevin Andrus, Sean Campbell, William Macdonald, Ron Schmitz, and Burton Ahrens as directors of the Company until the next AGM; the re-appointment of Davidson & Company LLP as the auditors of the Company; the annual re-approval of the Company's incentive stock option plan; the ratification of the advance notice policy of the Company; and an amendment to the articles of the Company to clarify the applicability of the proxy provisions provided therein.
Blackbird Energy Inc. is a highly innovative oil and gas exploration and development company focused on the condensate and liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
For more information please view our Corporate Presentation at www.blackbirdenergyinc.com.
Advisories and Forward-Looking Information
This press release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). 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 and are not guarantees of future performance of the Company. Such forward-looking statements include but are not limited to: the anticipated timing for closing of the Acquisition. Forward-looking statements are based on assumptions including but not limited to the successful closing of the Acquisition.
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 and business conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration, development and production including drilling and completion risks, (3) the price of and demand for oil and gas and their effect on the economics of oil and gas exploration, (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. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties, and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this press release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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 PRESS RELEASE.