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Negotiations are underway to pool the P&NG, Triassic Montney formation rights held by certain adjacent interested parties in section 33-060-22W5 and the lands held by Blackbird Energy Inc. (TSXV:BBI) and its partners in section 28-060-22W5, for the purposes of drilling up to four extended reach joint wells on the pooled lands. Blackbird also announced a brokered private placement for gross proceeds of up to $2,000,000.
As quoted in the press release:
The proposed initial Joint Well will be an extended reach Montney formation horizontal well, drilled from a surface location in Lsd 14-28-060-22W5 to a bottom hole location in Lsd 14-33-060-22W5, and Blackbird’s participation in the Joint Well will be 12.5%. Additional information regarding the Joint Well will be provided when the negotiations are completed and any pooling agreement has been signed by all interest parties.
The Company is also pleased to announce that it intends to carry out, subject to approval from the TSX Venture Exchange (the “TSX-V”), a brokered private placement, on a commercially reasonable “best efforts” agency basis, for gross proceeds of up to $2,000,000 (the “Private Placement”). The Private Placement will consist of 6,250,000 units of the Company (each, a “Unit), at a price of $0.16 per Unit, and 6,250,000 flow-through units (each, a “Flow-Through Unit”), at a price of $0.16 per Flow-Through Unit.
Blackbird President Garth Braun, said:
“We are very pleased to be proceeding with a potentially high impact extended reach well of 2,700 meters of lateral length. The potential pooling of Section 28 with Section 33 ensures that a more cost effective development of our lands will be achieved, as well as accessing additional reserves within the formation. Further the additional wells will optimize the utilization of our service facilities and pipeline currently under construction with an expected completion of the end of March.”
Click here to read the Blackbird Energy (TSXV:BBI) press release
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