Blackbird Energy Inc. Reports 479% Increase of P+P NPV10 at Its Bigstone Project
01 May 2014 - 10:00PM
Marketwired
Blackbird Energy Inc. Reports 479% Increase of P+P NPV10 at Its
Bigstone Project
CALGARY, ALBERTA--(Marketwired - May 1, 2014) - Blackbird Energy
Inc. (TSX-VENTURE:BBI) ("Blackbird" or the "Company") is very
pleased to announce the results of its revised independent reserves
evaluation of its Bigstone project in accordance with National
Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities ("NI 51-101") as at April 30, 2014.
Highlights - April
30, 2014 compared to July 31, 2013
Proved Reserves
- Increased Proved reserves by 247% to 434 Mboe (33%
liquids).
- Increased NPV of Proved reserves by 394% to $3.58 million
(before tax discounted at 10%).
Proved plus Probable
Reserves
- Increased Proved plus Probable reserves by 195% to 2,259 Mboe
(33% liquids).
- Increased NPV of Proved plus Probable reserves by 479% to $22
million (before tax, discounted at 10%).
Summary of
Reserves
The reserves data
set forth below is based upon an independent reserves evaluation
prepared by GLJ Petroleum Consultants ("GLJ") with an effective
date of April 30, 2014 (the "GLJ Report"). The following
presentation summarizes Blackbird's crude oil, natural gas liquids
and natural gas reserves and the net present values before income
tax of future net revenue for
Blackbird's reserves
using forecast prices and costs based on the GLJ Report. The GLJ
Report has been prepared in accordance with definitions, standards,
and procedures contained in the Canadian Oil and Gas Evaluation
Handbook and NI 51-101.
|
Natural Gas |
Natural Gas Liquids |
Total Oil Equivalent |
Reserves Category |
(MMcf) |
(Mbbl) |
(Mboe) |
Proved |
|
|
|
|
Developed Producing |
109 |
9 |
27 |
|
Developed Non-Producing |
1,623 |
136 |
407 |
Total Proved |
1,732 |
145 |
434 |
Probable |
7,285 |
611 |
1,825 |
Total Proved plus Probable |
9,017 |
756 |
2,259 |
A summary of the
Company's estimated future net revenues associated with Blackbird's
Bigstone reserves as at April 30, 2014 based on the GLJ April 30,
2014 price forecast is provided in the following table. It should
not be assumed that the net present values estimated by GLJ
represent fair market value of the reserves. Numbers presented in
table may not add exactly due to rounding.
|
0% |
5% |
10% |
15% |
20% |
Reserves Category |
($M) |
($M) |
($M) |
($M) |
($M) |
Proved |
|
|
|
|
|
|
Developed Producing |
297 |
288 |
281 |
273 |
267 |
|
Developed Non-Producing |
6,399 |
4,517 |
3,303 |
2,464 |
1,848 |
Total Proved |
6,696 |
4,805 |
3,584 |
2,737 |
2,115 |
Probable |
42,827 |
26,673 |
18,479 |
13,666 |
10,533 |
Total Proved plus Probable |
49,523 |
31,478 |
22,063 |
16,403 |
12,648 |
About Blackbird
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 Exchange under the symbol BBI.
Blackbird's team is
focused on originating new high quality oil and liquids rich gas
projects in NW Alberta and Saskatchewan.
For more information
please visit the company's website and view the corporate
presentation at www.blackbirdenergyinc.com.
On behalf of the
board of
BLACKBIRD ENERGY
INC.
Garth Braun, Chief
Executive Officer and Director
Reserves
Advisory
This press
release contains estimates of the net present value of our future
net revenue from our reserves. Such amounts do not represent the
fair market value of our reserves.
Certain natural
gas volumes have been converted to barrels of oil equivalent
("boe") using six thousand cubic feet ("mcf") of gas equal to one
barrel ("bbl") of oil unless otherwise stated. This conversion
ratio is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. Such disclosure of boes may be
misleading, particularly if used in isolation.
Proved reserves
are those reserves that can be estimated with a high degree of
certainty to be recoverable. There is at least a 90% probability
that the quantities actually recovered will equal or exceed the
estimated proved reserves. Probable reserves are those additional
reserves that are less certain to be recovered than proved
reserves. There is at least a 50% probability that the quantities
actually recovered will equal or exceed the sum of the estimated
proved plus probable reserves
Disclaimer for
Forward-Looking Information
This press
release contains forward-looking statements or information
(collectively referred to herein as "forward-looking statements")
relating to the revised independent reserves evaluation and the
reserve quantities of the Company's Bigstone asset Reserves that
are deemed to be forward-looking statements as they involve the
implied assessment, based on certain estimates and assumptions,
that the reserves described exist in quantities predicted or
estimated and that the reserves can be profitably produced in 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 and are not guarantees of future
performance of the Company. 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 and production, (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 RELEASE.
Blackbird Energy Inc.Garth BraunPresident and CEO(587)
538-0383Blackbird Energy Inc.Joshua MannVice President, Business
Development(403) 390-2144www.blackbirdenergyinc.comBrisco Capital
Partners Corp.Katrin TosineDirector of Investor Relations(647)
388-4984kat@briscocapital.com
Blackbird Energy Inc. (TSXV:BBI)
Historical Stock Chart
From May 2024 to Jun 2024
Blackbird Energy Inc. (TSXV:BBI)
Historical Stock Chart
From Jun 2023 to Jun 2024