Blackbird Energy Successfully Recompletes Flaxcombe Sparky Well #4
February 28 2013 - 7:00AM
Marketwired Canada
Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is
pleased to announce that it has recompleted a well in its recently acquired
Flaxcombe property which was originally completed as a Mannville gas well. At a
cost of only $84,000, the Flaxcombe Sparky zone in the well, 21/16-13-29-27W3
(the "Flaxcombe Sparky Well #4") was recompleted and the rig was released on
February 23, 2013.
The Flaxcombe Sparky Well #4 was pump tested for approximately 20 hours
resulting in an equivalent average daily rate of 60 barrels of oil per day with
a 15% water cut. Production from the Flaxcombe Sparky Well #4 will commence upon
installation of surface facilities and the regulatory approval for downspacing.
About Blackbird
The Flaxcombe Project is comprised of a total of 5,041 acres (net 2,393 acres)
in West Central Saskatchewan. Blackbird holds a 100% working interest in a
Sparky oil property with 3 producing oil wells. The Flaxcombe Project includes
3D seismic coverage over the complete oil pool. Two development oil drilling
locations have been identified based on the 3D technical review.
The Alsask Project is comprised of 1120 acres in the Alsask area on the
Alberta/Saskatchewan border in which Ruger Energy Inc. ("Ruger"), Blackbird's
subsidiary, holds a 100% working interest. The Alsask Project has 3 producing
Basal Mannville oil wells and 1 water disposal well. Ruger also has 3D seismic
coverage over the full 1120 acres and has identified one development oil
drilling location and one exploration oil drilling location.
The 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 team is focused on originating new high quality oil projects through
the assembly of land positions in southwest Saskatchewan and Alberta.
Blackbird Energy Inc. is a Western Canadian based company that explores,
develops and produces oil and natural gas in Western Canada. The Company is
managed by a proven technical team. Blackbird trades on the TSX Venture under
the symbol BBI.
On behalf of the board of BLACKBIRD ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Oil Equivalency Conversion (BOE)
Where amounts are expressed on a barrel of oil equivalent ("BOE") basis, natural
gas volumes have been converted to BOE at a ratio of 6,000 cubic feet of natural
gas to one barrel of oil equivalent (6 Mcf = 1 BOE). The conversion ratio is
based upon an energy equivalent conversion method, primarily applicable at the
burner tip and does not represent value equivalence at the wellhead. BOE values
may be misleading, particularly if used in isolation.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect
the expectations of management regarding the recompletion and land assembly
projects. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
QIS Capital Corp.
Doren Quinton
President
(250) 377-1182
info@qiscapital.com
www.qiscapital.com
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