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Blackbird Energy Inc.(TSXV:BBI) announced that it undergoing negotiations to pool its Montney Lands formation rights. The Company are proposing an initial joint well that will extend its reach from the Montney horizontal well. Blackbird also announced that it plans to carry out a brokered private placement for gross proceeds of up to $2,000,000.
As quoted in the press release:
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. Each Unit shall consist of one common share in the capital of the Company (each a “Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant shall entitle the holder to purchase one common share in the capital of the Company (a “Warrant Share”) at a price of $0.24 per Warrant Share for a period of 24 months following the closing date.
Blackbird Energy,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 Inc. (TSXV:BBI) press release
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