News Article | May 18, 2017
CALGARY, ALBERTA--(Marketwired - May 18, 2017) - Blackbird Energy Inc. ("Blackbird" or the "Company") (TSX VENTURE:BBI) is pleased to provide an operations update regarding its previous completion programs, its planned fiscal 2017 / 2018 capital program at Pipestone and Stage Completions Inc.'s ("Stage") commercial roll-out, a company in which Blackbird owns a 10% minority interest. In late 2016 and early 2017, Blackbird drilled and completed its 102/2-20, 3-28 and 2-20/11-9 Pipestone wells (the "Wells") using the Stage Bowhead II fracturing system (the "Stage System"). The 102/2-20 well began production and clean-up on February 4, 2017 and was shut-in due to a third-party plant closure on February 12, 2017. After being shut-in for approximately 29 days, the 102/2-20 well resumed production and clean-up on March 13, 2017. During this secondary period of clean-up and the production of natural gas and condensate, in late April, 2017 it was determined that the 102/2-20 well was not producing at levels consistent with management's expectation. Thereafter, Blackbird performed a camera run within the wellbore in order to determine the reason for the 102/2-20 well's production level. After successful collet engagement and fracturing of the initial stages of the wellbore, the camera run indicated that erosion damage to the landing shoulder of the valve profile prevented proper collet engagement and full sleeve opening in the later stages of the wellbore. Subsequent to the 102/2-20 analysis, Blackbird performed a similar camera run in its 3-28 well, which has not yet been tied-in or production tested. The results of this camera run confirmed similar metal fatigue, erosion, collet engagement and sleeve opening issues as in the 102/2-20 well. With certain Stage System sleeves remaining in the closed position during pressure pumping operations Blackbird was unable to fracture the Montney reservoir across the entire lateral length of the wellbores. A camera run has not yet been performed on the 2-20/11-9 well; however, management believes that this well also experienced similar issues as the 102/2-20 and 3-28 wells. The 2-20/11-9 well has not yet been tied-in or production tested. Stage has advised Blackbird that the issues experienced in the 102/2-20 and 3-28 wells are isolated to the Generation 3 L80 114.3mm (4.5 inch) valve system. Further modeling by Stage has shown increased erosional effects on the sleeve at higher pump rates. Stage also advises that a recent frac stimulation performed by a third party, pumped at lower rates, has shown no erosional damage. Based on the information obtained from Blackbird's wells, Stage has advised Blackbird that a revised internal sleeve has been engineered using an enhanced 8620 carburized material and tungsten reinforced valve profile. The Stage System with this 8620 carburized material has been successfully utilized by third parties in numerous formations in North America. The 8620 carburized material is significantly more durable compared to the existing L80 material used in the collets and sleeves deployed in the Wells. Stage and Blackbird expect that this increased durability will significantly reduce any erosion of key components of the profile and allow for positive collet engagement and the successful opening of the sleeves throughout future wellbores. Blackbird has multiple options available to complete the unopened stages within the Wells. The large internal diameter of the Stage System provides the ability to both plug and perf or Abrasijet™ the unopened sleeves within the existing wellbores. The Company is currently establishing a budget for the completion of the unopened sleeves within the 102/2-20 and 3-28 wellbores. Blackbird plans to recomplete the Wells in a timely manner, with operations expected to commence in late June, 2017. Further examination will be conducted on the 2-20/11-9 well prior to conducting any further completion operations in its wellbore. Blackbird has a unique relationship with Stage which has been developed through its 10% ownership of Stage, and through being an early adopter of the Stage System. As a result of this unique relationship, Blackbird and Stage are in discussions regarding a cost sharing arrangement for the completion costs of the unopened stages of the Wells. Regardless of this unique relationship Blackbird has with Stage, all decisions within Blackbird will be made in the best interest of its shareholders. The Stage System is designed to increase expected ultimate recovery through high-tonnage and high-intensity completions, while at the same time reducing costs. As an early adopter, Blackbird has participated in the development and refinement of the Stage System. It is the Company's belief that it will achieve a competitive advantage through its continued use of the Stage System with the revised internal sleeve specifications. In April, 2017 Blackbird participated in the drilling of a non-operated 17.9% working interest well north of the Wapiti River at Pipestone. The well was spud from surface location 03-01-71-8W6 and drilled to a measured depth of approximately 5,350 meters, including a lateral of approximately 2,861 meters to a downhole location of 14-30 -70-7W6 (the "14-30 well"). This well penetrated two sections north of the Wapiti River which has been pooled with another operator. The 14-30 well was drilled into the Upper Montney with the primary objectives of land retention and further delineation north of the Wapiti River. The Company is also participating in the drilling and completion operations of two non-operated Middle Montney wells on its recently acquired south-eastern acreage. The first non-operated 37.5% working interest south-eastern well will be spud from surface location 04-02-70-6W6. The well is expected to be drilled to a measured depth of approximately 5,600 meters, including a lateral of approximately 3,100 meters to a downhole location of 13-04-70-6W6 (the "13-04 well"). The second non-operated 20% working interest south-eastern well will be spud from surface location 13-03-70-5W6. The well is expected to be drilled to a measured depth of approximately 5,500 meters, including a lateral of approximately 3,000 meters to a downhole location of 3-17-70-5W6 (the "3-17 well"). The 13-04 and 3-17 wells are expected to be drilled over the next six months, with the primary objectives of land retention and the continued delineation the Company's eastern acreage. Blackbird is in the final stages of preparing its capital budget for the remainder of fiscal 2017 and fiscal 2018. On a preliminary basis, in addition to the non-operated wells discussed above, Blackbird is expecting to drill and complete an additional eight operated development wells on Blackbird's western acreage and three operated delineation wells on Blackbird's eastern acreage. The first two wells of this program are expected to be drilled on Blackbird's western acreage from its existing 14-14 pad. The first well, targeting the Upper Montney, is expected to be drilled to a measured depth of approximately 4,800 meters, including a lateral of approximately 2,100 meters to downhole location 02/6-26-70-7W6 (the "02/6-26"). The second well, also targeting the Upper Montney, is expected to be drilled to a measured depth of approximately 4,800 meters, including a lateral of approximately 2,100 meters to downhole location 8-27-70-7W6 (the "8-27 well"). The 02/6-26 and 8-27 wells are expected to be drilled in June / July 2017. Over the past couple months, the roll-out of the Stage System has accelerated. Sean Campbell, Director of Blackbird and Chief Executive Officer of Stage stated: "Since introduction of the Bowhead II Fracturing System, approximately 850 sleeves and collets have been successfully deployed in Canada, the continental United States and internationally. The issues experienced in the Blackbird wells are isolated to the Generation 3 4.5" system. Since the beginning of May, 2017, Stage has received orders for an additional 1,881 sleeves and collets of the Generation 4 system, confirming the full commercial roll-out by industry leading companies in the Montney, Marcellus, Eagle Ford, Bakken, Scoop / Stack, and Permian. Stage has also experienced market penetration internationally through orders from large state owned oil companies in the Middle East and China. Stage expects to see an additional 15 industry leading companies adopt Stage's technology over the coming months." Blackbird Energy Inc. is a highly innovative oil and gas exploration and development company focused on the condensate and liquids-rich Montney fairway at Pipestone, near Grande Prairie, Alberta. For more information, please view our Corporate Presentation at www.blackbirdenergyinc.com. 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 issues experienced in the 102/2-20 and 3-28 wells being isolated to the L80 114.3mm (4.5 inch) valve system, the increased durability of the system designed with carburized 8620 material and its ability to reduce erosional issues and allow for positive collet engagement and the successful opening of the sleeves throughout future wellbores, the ability for Blackbird to complete the unopened sleeves, the completion of the unopened sleeves in a timely manner, the further examination of the 2-20/11-9 well, the expected increase in expected ultimate recovery through high-tonnage and high-intensity completions, the potential competitive advantages of the Stage System and any competitive advantage derived by Blackbird from the use thereof, all future planned drilling operations and well specifications, the potential benefits of land retention and delineation of Blackbird's resource, the number of wells to be drilled in Blackbird's future capital programs and all estimates regarding Stage's past or future collet and sleeve deployments. See disclaimer below related to information contained herein provided by Stage. 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. Statements and information contained in this News Release relating to Stage and the Stage System, other than those pertaining to the deployment of the Stage System by Blackbird, have been furnished by Stage and Blackbird has relied upon Stage for the accuracy of such information and has not verified or confirmed the veracity of such information. Although Blackbird has no knowledge that would indicate that any statements contained herein concerning Stage or the Stage System are untrue or incomplete, neither Blackbird nor any of its directors or officers assumes any responsibility for the accuracy or completeness of such statements and information. 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.
News Article | August 2, 2017
CALGARY, ALBERTA--(Marketwired - Aug. 1, 2017) - Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") announces that Ron Schmitz, who currently sits on Blackbird's board of directors, has been appointed interim Chief Financial Officer following the resignation of Jeff Swainson as Chief Financial Officer and Corporate Secretary. As a current director and audit committee member who previously served as Chief Financial Officer of the Company until February 2015, Mr. Schmitz has detailed knowledge of Blackbird's assets, operations and affairs and is well placed to seamlessly rejoin its executive team without any interruption to the Company's day-to-day business or strategic direction. Mr. Schmitz will continue as interim Chief Financial Officer pending a determination by Blackbird's board of directors on a permanent replacement, which will be made in due course and without urgency. As interim Chief Financial Officer, Mr. Schmitz joins a management team comprised of Garth Braun - President and Chief Executive Officer, Craig Wiebe - Vice President, Exploration, Don Noakes - Vice President, Operations, Ralph Allen -Vice President, Geoscience, Joshua Wylie - Vice President, Land, and Dave Mills - Facility Manager. 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. THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS 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 news release.
News Article | July 13, 2017
CALGARY, ALBERTA--(Marketwired - July 13, 2017) - Blackbird Energy Inc. (TSX VENTURE:BBI)("Blackbird" or the "Company") would like to clarify certain statements that appear in an article that was published on July 13, 2017, that alleged, among other things, that in connection with the public offering of common shares by the Company that closed on March 14, 2017 (the "Offering"), an unauthorized payment was made by the Company to an investment advisor. Blackbird denies any improper payment being made to any advisor in connection with the Offering. Approximately 10 days following the completion of the Offering, the Company did make a payment in the amount of approximately $104,000 to an individual that was involved in the Offering, however, such payment was unrelated to the Offering. The payment to such individual was solely for consulting services provided by such individual to the Company over the course of a three year period plus out-of-pocket expenses incurred by the individual in the provision of such consulting services. Prior to the payment being made, the individual was advised that such payment should be disclosed to his or her investment firm in order to comply with any applicable rules. The payment was also accounted for in the third quarter unaudited condensed interim financial statements of the Company. The Company takes any allegations of impropriety seriously and will continue to investigate this matter further. If any material information arises out of any such investigation the Company will update investors. 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 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.
News Article | July 25, 2017
CALGARY, ALBERTA--(Marketwired - July 25, 2017) - Blackbird Energy Inc. ("Blackbird" or the "Company") (TSX VENTURE:BBI) is pleased to provide an operational update regarding its 2017 delineation and development program and expansion of the Eastern Pipestone/Elmworth Gathering System ("Eastern Gathering System"). Blackbird is also pleased to announce that it has increased its Montney rights in the Pipestone/Elmworth corridor to 125 gross sections (108.9 net sections). We are pleased to provide the status and timeline for the drilling and completion of three development wells and one delineation well on our northern multi-interval land block. The previously announced 02/6-26-70-7 Upper Montney well was spud on June 10, 2017 from surface location 14-14-70-7W6 and drilled to a measured depth of 4,808 meters, including an approximately 2,100 meter lateral section. The well was drilled for approximately $2.6 million. Completion operations are scheduled for August 12, 2017 utilizing the STAGE Generation Four 8620 Sleeve System. The completion program will place approximately 75 tonnes of sand per stage over approximately 52 stages. Blackbird plans to tie-in and flow-test the well into existing infrastructure, with initial production anticipated by late August, 2017. The 2-28-70-7 Middle Montney well was spud on July 11, 2017 from surface location 11-15-70-7 W6. Currently the well is being drilled in the lateral section and the planned measured depth is 5,004 meters, including an approximately 2,050 meter lateral section. Completion operations are scheduled for August 26, 2017 utilizing the STAGE Generation Four 8620 Sleeve System. The completion program will place approximately 75 tonnes of sand per stage over approximately 52 stages. Following completion, the well will be tied in and flow-tested into existing infrastructure, with initial production anticipated by September, 2017. The 1-20-70-7 Upper Montney well is expected to be spud the first week of August from surface location 10-8-70-7W6. The well has a planned measured depth of 4,600 meters, including an approximately 2,000 meter lateral section. Completion operations are scheduled for the first week of October utilizing the STAGE Generation Four 8620 Sleeve System. The completion program will place approximately 75 tonnes of sand per stage over approximately 51 stages. Blackbird plans to tie-in and flow-test the well into existing infrastructure, with initial production anticipated by late October, 2017 The 7-27-71-7 Upper Montney delineation well is expected to be spud at the end of August from surface location 7-33-71-7W6. The well has a planned measured depth of 4,500 meters, including an approximately 2,000 meter lateral section. Completion operations are scheduled for the latter portion of October utilizing the STAGE Generation Four 8620 Sleeve System. The completion program will place approximately 75 tonnes of sand per stage over approximately 51 stages. This well targets the Upper Montney at Pipestone/Elmworth and will test and delineate the "Volatile Oil" window on the northern portion of Blackbird's land. This well is an approximate 10 km northern step-out from Blackbird's existing operated wells and is important both for the continued delineation of the "Volatile Oil" window as well as continuing a significant portion of Blackbird's northern multi-interval land block. The well will be flow-tested post completion to evaluate productive capability and reservoir quality. Blackbird has participated in the drilling and completion operations of three (.75 net) non-operated delineation wells. The 14- 30-70-7 Upper Montney well in which Blackbird has a 17.9% working interest is located north of the Wapiti and has been drilled, completed and initial production tested. This well delineates the "Volatile Oil" window on the western edge of Blackbird's lands and also retains one section of Blackbird's land that was in near term expiry. The well was drilled to a total measured depth of 5,350 meters and a lateral length of 2,861 meters. The 13-04-70-6 and the 3-17-70-5 Middle Montney wells, in which Blackbird has a 37.5% and 20% working interest, respectively, are located south of the Wapiti and have both been drilled and completed. Both wells will further delineate the "Volatile Oil" window and also will allow for the retention of Blackbird's southeastern lands. The 13-04-70-6 well was drilled to a total measured depth of 5,615 meters and a lateral length of 3,056 meters and the 3-17-70-5 well was drilled to a total measured depth of 5,320 meters and a lateral length of 2,876 meters. The 02/2-20-70-7 Upper Montney well was successfully refrac'd in mid-June using plug and perf and diverter agents. The completion consisted of 33 intervals at 30 meters spacing and approximately 1,650 tonnes of sand was placed. Tubing was installed July 16, 2017 and the well is tied in and is in clean-up phase with a projected IP30 date of early September. The 15-21-70-7 Upper Montney well is scheduled to be refrac'd in late August in conjunction with the 2-28-70-7 Middle Montney well. The Company is evaluating two completions options, being either pin-point or plug and perf. The planned completion program will be to place approximately 2,700 tonnes of sand in the refrac. The 2-20-70-6 Middle Montney well is scheduled to be refrac'd in the middle of September. The Company is evaluating two completions options, being either pin-point or plug and perf. Management estimates that less than 20% of the well was completed during initial fracing operations. The 2-20-70-6 well produced approximately 395 bbls/d of light oil and 243 mcf/d gas during the last 24 hours of a 111-hour production test. This well confirms the presence of and extends the "Volatile Oil" window more than 5 km eastward from Blackbird's previous wells. This well is also important for the continuation of a portion of Blackbird's southeast land block and is planned to be tied in once the Eastern Gathering System is completed. Upon completion of Blackbird's initial 2017 development and delineation program, the Company will have a total of five Upper Montney wells and three Middle Montney wells on production, and five (2.75 net) wells behind pipe. These wells will span over four townships, with the 02/2-20-70-7 and 2-20-70-6 wells being approximately six sections apart on an east/west basis and the 7-27-71-7 and 2-20-70-6 wells being approximately eight sections apart on a north/south basis. This drilling program will delineate a large portion of Blackbird's contiguous land block. See Figure 1 below for an illustration of these well locations and Blackbird's planned future Eastern Gathering System. To view Figure 1: Blackbird's 13 Montney Wells and Planned Eastern Gathering System, please visit the following link: http://media3.marketwire.com/docs/bbi0725fig1.pdf. Blackbird has commenced surveying of its Eastern Gathering System. When completed the Eastern Gathering System will tie in production from our 2-20-70-6W6 (11-9 surface) well and serve as the backbone for tieing in all future development wells on Blackbird's eastern lands south of the Wapiti. Construction is expected to commence post regulatory approval with an estimated budget of $4.4 million. The Eastern Gathering System is anticipated to be brought on stream in the first half of 2018. The Pipestone/Elmworth Montney corridor continues to be one of the most actively drilled areas in Western Canada. Within two townships of Blackbird's land holdings, over 80 wells have been spud or rig released in the Montney since January 1, 2017 as illustrated with the wells highlighted in red in Figure 2 below. To view Figure 2: Industry drilling activity adjacent to Blackbird's holdings, please visit the following link: http://media3.marketwire.com/docs/bbi0725fig2.pdf. Garth Braun, Blackbird's Chairman, Chief Executive Officer and President stated: "Our 2017 delineation and development program continues to focus on building meaningful reserves, increasing the ability for our company to produce natural gas, oil and liquids and delineate the "Volatile Oil" window to complement the development block in the condensate window to the west. Our strategic delineation of the Upper and Middle Montney intervals over a large geographic area has provided us with very valuable information regarding our resource in-place, and solidifies our confidence in the next phase of Blackbird's growth. We will continue our delineation program and proceed into a development phase on our eastern development block. Through this development phase, we will look to increase production and reserves while maximizing the value in lockstep with our infrastructure buildup." 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. This press release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). Forward-looking statements relate to future results or events, and are based upon internal plans, intentions, expectations and beliefs. Such statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those contained in the statements. All statements other than statements of current or historical fact constitute forward-looking statements. Forward-looking statements are typically, but not always, identified by words such as "anticipate", "believe", "expect", "intend", "plan", "budget", "forecast", "target", "seek", "estimate", "propose", "potential", "project", "continue", "may", "will", "should" or similar words indicating or suggesting future outcomes or events. Forward-looking statements are not guarantees of future outcomes or circumstances. There can be no assurance that the results or events contemplated by the forward-looking statements, or the plans, intentions, expectations or beliefs contained therein or upon which they are based, will in fact occur or be realized (or if they do, what benefits the Company may derive therefrom). Forward-looking statements contained in this press release include but are not limited to, statements regarding: planned drilling and completion (including recompletion) operations in respect of the development and delineation wells described herein, including expected spud dates and timeframe for completion programs; the expected timing for tie-in, flow-testing and initial production of wells that are drilled and completed; the numbers of stages and projected sand volumes contemplated by each future completion program; the extent to which the activities described herein will delineate the Company's acreage; and the anticipated commissioning of the Eastern Gathering System, the estimated cost of its construction, and the anticipated timing for it being brought on stream. The forward-looking statements herein reflect Blackbird's assessment of material factors and assumptions regarding, among other things: commodity prices and currency exchange rates; the timing and success of drilling and completion activities (and the extent to which the results thereof meet expectations); the accuracy of geological and geophysical data and the interpretation thereof; the Company's ability to generate internal cash flow to fund current and future expenditures, and access external financing when required and on commercially acceptable terms; future capital expenditure requirements and the sufficiency thereof to achieve the Company's objectives; the performance of both new and existing wells; the successful application of drilling and completion technology and processes; the Company's ability to economically produce oil and gas from its properties and the timing and cost to do so; the predictability of future results based on past and current experience; prevailing weather conditions; prevailing legislation and regulatory requirements affecting the oil and gas industry (including royalty regimes); the timely receipt of required regulatory approvals; the availability of capital, labour and services on a timely and cost-effective basis; and the general economic, regulatory and political environment in which the Company operates. The forward-looking statements reflect management's current views and are based on assumptions that may prove to be incorrect. Although Blackbird believes that its assessment of factors and assumptions reflected in the forward-looking statements are reasonable based on currently available information, no assurance can be given that they will prove to be correct or that the forward-looking statements. The Company believes that the forward-looking statements contained in this press release are reasonable based on current information. Undue reliance should not, though, be placed on forward-looking statements, which are necessarily based on assumptions and subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested in the forward-looking statements. Many of these, many of risks and uncertainties are beyond the Company's control. Such risks and uncertainties include, among other things: (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, exploitation and production, including drilling, completion and processing risks and potential delays, cost overruns and loss of production or reserves bookings arising therefrom; (3) adverse changes in the price of and demand for oil and gas and their effect on the economics of oil and gas exploration and production; (4) any number of events or causes which may delay or cease exploration and development of the Company's properties or increase the cost thereof, such as environmental liabilities, adverse weather, mechanical failures, health and safety concerns, labour problems and changes in laws or governmental regulation (including with respect to royalties and taxes); (5) competition for labour, services, equipment and materials necessary to further the Company's oil and gas activities; (6) the risk that the Company does not execute its program or alters its plans; (7) inability to retain key employees or secure required services on a timely basis and on acceptable terms; (8) inability to finance operations and growth either through internal cash flow or timely access to external capital on acceptable terms; and (9) other factors beyond the Company's control. Should any of these risks or uncertainties materialize, or any of the Company's assumptions prove incorrect, actual results or events 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. Readers should also review the risk factors described in the documents filed by the Company from time to time with securities regulatory authorities in Canada, including its most recent annual information form and annual and interim management's discussion and analysis, copies of which are available electronically on SEDAR at www.sedar.com. 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 factors are interdependent and the Company's course of action would depend on its assessment 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 views change. This press release includes reference to production information presented on a barrel of oil equivalent ("BOE") basis, with natural gas volumes converted at the ratio of six thousand cubic feet to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six mcf (six thousand cubic feet) to one bbl (one barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead or the plant gate. Although the 6:1 conversion ratio is an accepted norm in the oil and gas industry, it is not reflective of price or market value differentials between product types. Based on current commodity prices, the value ratio between natural gas and oil is significantly different than the 6:1 ratio based on energy equivalency. Accordingly, a 6:1 conversion ratio may be misleading as an indication of value. 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.
News Article | June 29, 2017
Partnership with Bulgari for Bejeweled and Bespoke Experiences (NAPA VALLEY, CA; June 6th, 2017) – In its tenth year of participation in Auction Napa Valley, Blackbird Vineyards collectively raised $322,000 with its live, barrel and e-auction lots, contributing to the Auction’s $15.7 million total. Auction Napa Valley, now in its 37th year, has helped raise more than $170 million in proceeds since its inception. The $15.7 million raised this year will directly benefit healthcare, youth services, and affordable housing non-profits in Napa County. Participating in nearly every aspect of this year’s auction, Blackbird Vineyards donated a one-of-a-kind live lot in partnership with Bulgari and Harvest Inn by Charlie Palmer, which garnered a winning bid of $300,000. A single barrel of wine was produced for the 2015 barrel lot cuvée, which sold for up to $1,850 per case. In collaboration with Mandarin Oriental Hotel Group, Blackbird’s “Experience the Perfect Blackmail” lot, part of the e-auction sold for $5,750 and included a two-night stay at the Mandarin Oriental, Las Vegas and dinner for two at Pierre Gagnaire’s restaurant, Twist, paired with Blackbird wines. The lot also included three hand-etched magnums of Blackbird Vineyards wines, a private tasting experience for four at RiverHouse by Bespoke Collection with Morimoto Bento Box lunch and one year of BlackMail membership. Blackbird Vineyards’ live lot, #18, included a three-bottle, horizontal collection of hand-etched, 6L imperials of 2014 Illustration, Paramour and Contrarian Proprietary Red Wines signed by winemaker Aaron Pott. The winning bidders will embark on a red carpet ride that will fly them in style to Los Angeles, as guests of Bulgari, for the coolest ticket in town during the Academy Awards®— the Elton John Aids Foundation (EJAF) Academy Awards® Viewing Party. To bring the experience back to Napa Valley, where it all began, this experience concludes with a portfolio tasting of Blackbird Vineyards wines at RiverHouse by Bespoke Collection followed by a dinner and accommodations at Harvest Inn by Charlie Palmer. Since 2006, Blackbird has collectively raised over $3.4 million with $1.7 million of that for Auction Napa Valley. Past live lot donations have included rare opportunities to experience the Kentucky Derby, contribute to Robb Report’s Car of The Year issue, attend the Cannes Film Festival with hosts CHOPARD, and enjoy the CHANEL couture fashion show in Paris with private air from XOJET. Blackbird Vineyards extends a heartfelt thank you to all those who helped make this year’s auction a success. Founded in 2003 by Michael Polenske, Blackbird Vineyards is an artisanal producer of Right-bank-inspired wines from the Napa Valley. Planted in 1997, the estate vineyard is located in the heart of the Oak Knoll District—a region appreciated for its moderate climate and deep, gravelly soils. The vineyard’s valley floor topography presents optimum growing conditions for winemaker, Aaron Pott, to produce elegantly-styled, appropriately-balanced red wines that offer short and long-term cellaring potential. www.blackbirdvineyards.com Part of the LVMH Group, Bulgari was founded in Rome in 1884 as a jewellery shop. Quickly establishing a reputation for Italian excellence, Bulgari enjoys renown for exquisite craftsmanship and magnificent jewellery creations. The Company’s international success has evolved into a global and diversified luxury purveyor of products and services, ranging from fine jewels and watches to accessories and perfumes, and featuring an unrivalled network of boutiques and hotels in the world’s most exclusive shopping areas. About Voted #3 hotel in Northern California by Condé Nast Traveler’s 2016 Readers’ Choice Awards, Harvest Inn by Charlie Palmer is an idyllic resort designed to celebrate the vineyard way of life, with 78 luxurious accommodations nestled into five uniquely crafted neighborhoods, two secluded swimming pools, and a plush spa with indoor and outdoor facilities. Surrounded by the lush landscaping of expansive clipped lawns and serene shaded groves, partially forested by towering redwoods, Harvest Inn by Charlie Palmer also is home to gardens of agricultural botanicals. The distinctive mixing of heritage and modern style seen in the richly stained wood, leaded glass panels, and exterior stone as well as Tudor stucco with timber framing adds up to a storybook setting that is both rustic and elegant. Mandarin Oriental, Las Vegas is one of only eight triple Forbes Five-Star hotels in the United States with Five-Star recognition for the hotel, Twist by Pierre Gagnaire restaurant and The Spa. A sophisticated sanctuary of modern elegance prominently situated at the entrance of ARIA Resort & Casino, Mandarin Oriental has made its mark as the ultimate urban resort destination in the heart of the Las Vegas Strip. Designed entirely by interior designer Adam D. Tihany and architecture firm Kohn Pedersen Fox, Mandarin Oriental brings to Las Vegas a new standard of style with stunning suites, captivating architectural design, unique restaurant and bar venues, and the legendary hospitality of Mandarin Oriental. Since 1981, members of the Napa Valley Vintners and community have rallied together to offer, each June, an experience unlike any other. What started as a small event has grown into one of the world’s most renowned wine auctions which remains true to its goal of raising funds for healthcare, housing, and youth services nonprofits. Auction Napa Valley has given over $145 million in proceeds to date. www.napavintners.com
News Article | June 30, 2017
CALGARY, ALBERTA--(Marketwired - June 29, 2017) - Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is pleased to announce its financial and operational results for the quarter ended April 30, 2017. Blackbird's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the quarter ended April 30, 2017 are available on SEDAR at www.sedar.com and are also posted on Blackbird's website at www.blackbirdenergyinc.com. See below for a summary table containing certain Q3, 2017 financial and operational figures: Blackbird is encouraged by its initial production results at Pipestone / Elmworth, with the Company's wells indicating high condensate / NGL rates and strong productive capability. Blackbird's Pipestone / Elmworth Montney initial production 30 ("IP30"), 60 ("IP60") and 90 ("IP90") results are as follows: The Company is also very encouraged by the initial production test results of its eastern step-out well, the 2-20 (surface 11-9). It is estimated that the 2-20 (surface 11-9) well was producing from a limited portion of its wellbore as a result of the previously announced challenges experienced during completion operations. Despite this, the 2-20 (surface 11-9) well produced approximately 379 bbls/d of oil during the last 48 hours of a 111 hour production test. The 2-20 (surface 11-9) well will be tied-in subsequent to being recompleted (the timing of which is to be determined), and the construction of an eastern pipeline gathering system. Blackbird is well positioned with a strong balance sheet, a large, contiguous, multi-interval land block in a liquids-rich Montney corridor, and production which is generating cash-flow. Blackbird currently has three wells producing: (1) the 2-20 Middle Montney well; (2) the 5-26 Upper Montney well; and (3) the 6-26 Middle Montney well. The 02/2-20 Upper Montney well was recently recompleted and is expected to commence production in the near-term. Blackbird plans to recomplete its 15-21 Upper Montney well (previously called the 3-28) during August, 2017, at which time it will be tied-in. The 2-20 (surface 11-9) well will be tied-in subsequent to being recompleted (the timing of which is to be determined), and upon the construction of an eastern pipeline gathering system. In addition to the 15-21 and 2-20 (surface 11-9) recompletion operations discussed above, during the remainder of calendar 2017 Blackbird plans to finish drilling the 102/6-26 well, complete the 102/6-26 well using the Stage System, and drill/complete approximately two additional operated wells (the 2-28-70-7W6 and 1-20-70-7W6, both on existing pads). Blackbird will also participate in the completion operations of the 3-17 non-operated well on Blackbird's south-eastern lands. The operations outlined above are expected to cost approximately $30.0 - $35.0 million, depending on completion design and lateral lengths. Blackbird is in the final stages of preparing its capital budget for fiscal 2018. As Blackbird continues to execute on its operations and gather important production data, it becomes better positioned to finalize gas handling and take-away agreements, allowing for continued growth as Blackbird executes on its business plan. Blackbird Energy Inc. is a highly innovative oil and gas exploration and development company focused on the liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta. For more information please view our Corporate Presentation at www.blackbirdenergyinc.com. 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. This news release contains the term barrels of oil equivalent ("Boe"). Natural gas is converted to a Boe using six thousand cubic feet of gas to one barrel of oil. Boes may be misleading, particularly if used in isolation. The foregoing conversion ratios are based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As well, given than the value ratio based on the current price of crude oil to natural gas is significantly different from the 6:1 energy equivalency ratio, using a conversion ratio on a 6:1 basis may be misleading as an indication of value. Any references in this document to initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Additionally, such rates may also include recovered "load oil" fluids used in well completion stimulation. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for Blackbird. This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements, including the commencement of production from the 02/2-20 well in the relatively near-term, production potential of wells, Blackbird's ability to recomplete the 15-21 and 2-20 (surface 11-9) wells and the timing thereof, the construction of an eastern pipeline gathering system, the drilling of the 02/6-26 well and the completion using the Stage System and timing thereof, the drilling and completion of the 2-28-70-7W6 and 1-20-70-7W6 wells and the timing thereof, the completion of the 3-17 well in the relatively near-term, the expected cost of operations for the remainder of calendar 2017, the 2018 capital budget, the finalization of gas handling and take-away agreements and the continued growth of Blackbird as it executes on its business plan. By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond Blackbird's control, including the impact of general economic conditions, industry conditions, current and future commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and funds from operations, the timing, allocation and amount of capital expenditures and the results therefrom, anticipated reserves and the imprecision of reserve estimates, the performance of existing wells, the success obtained in drilling new wells, the sufficiency of budgeted capital expenditures in carrying out planned activities, competition from other industry participants, availability of qualified personnel or services and drilling and related equipment, stock market volatility, effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties; the ability to access sufficient capital from internal sources and bank and equity markets; and including, without limitation, those risks considered under "Risk Factors" in our Annual Information Form dated October 21, 2016 and available on SEDAR. This press release, in particular the information in respect of estimated revenues and/or production while flowing, may contain future-oriented financial information or financial outlook within the meaning of applicable securities laws. Such future-oriented financial information or financial outlook has been prepared for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Within this new release, references are made to terms commonly used in the oil and natural gas industry. Management uses "operating netback" to analyze operating performance. These terms do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable with the calculation of similar measures for other entities. These terms are used by management to analyze operating performance on a comparable basis with prior periods of Blackbird. Operating netback equals the total of revenues less royalties, transportation, processing and operating expenses calculated on a Boe basis. For more details on non-IFRS measures, including a reconciliation to IFRS measures refer to our Management's Discussion and Analysis for the quarter ended April 30, 2017. The reserves estimates prepared herein have been evaluated by an independent qualified reserves evaluator in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and are effective as of March 1, 2017 and January 31, 2016. All reserves information has been presented on a gross basis, which is the Company's working interest share before deduction of royalties and without including any royalty interests of the Company. The reserves have been categorized accordance with the reserves definitions as set out in the COGE Handbook. For more information on reserves and contingent resources refer to the Company's Management's Discussion and Analysis for the quarter ended April 30, 2017.
News Article | September 28, 2017
SR-71 Blackbird: America's Old Super Spyplane Is Still the World's Fastest Jet As the Air Force’s budgets declined toward the end of the Cold War, the service could no longer justify keeping the expensive SR-71 in its inventory—especially as new threats started to emerge. The service expected that a combination of satellites and other technical means would replace the venerable jet. Capable of cruising at speeds in excess of Mach 3.2, the Lockheed SR-71 Blackbird was the fastest air-breathing manned aircraft to ever to see operational service. But even though its performance has never been matched, the SR-71 was retired as the Cold War drew to a close. The Blackbird was initially retired in 1990, even before the fall of the Soviet Union. Eventually, however, three of the jets were reactivated by the Air Force—at the insistence of Congress—for a brief period between 1995 and 1998. Meanwhile, NASA flew research missions with the aircraft until 1999. In the end, the Blackbird was retired without a true replacement. But why? Ultimately, while the SR-71 delivered unparalleled performance, it was its operating costs that condemned the Blackbird to early retirement. Moreover, the U.S. Air Force had doubts about the aircraft’s survivability versus a new generation of Soviet (and later Russian) air defenses and interceptors—like the SA-10 Grumble (and other advanced S-300 derivatives) and MiG-31 Foxhounds. In fact, the Air Force actively resisted congressional attempts to revive the program during the 1990s because of those very reasons. “The Air Force decision to retire the Blackbirds in 1990 is based on several factors. In congressional testimony, Air Force Chief of Staff Gen. Larry D. Welch identified the increased survivability of reconnaissance satellites, SR-71 vulnerability to the Soviet SAM-5 surface-to-air missile and the cost of maintaining the SR-71 fleet. The cost factor is the most significant to the Air Force because it limits expenditures in other areas. Reagan Administration Air Force Secretary Edward C. Aldridge Jr. estimated that the money used to operate the SR-71 fleet could operate and maintain two tactical fighter wings.” Indeed, by some accounts, the SR-71 cost as much as $200,000 per hour to operate when all of its ancillary expenses were factored in. Part of that cost stemmed from the fact that it was a small specialized fleet. Because of the small number of jets built—thirty-two—and its unique design, the SR-71 was a maintenance hog. It also required a specialized logistical train—particularly for its exotic fuel—which cost $18,000 per hour in 1989 dollars. The SR-71’s JP-7 fuel—which also had to be carried onboard specialized KC-135Q tankers to refuel the Blackbird—was designed to be a safe, high-flashpoint fuel that would not vaporize or blow up under extreme heat and pressure. It had such low volatility that one could supposedly extinguish a match in a puddle of JP-7. But that also meant that the fuel was difficult to ignite using the convention systems, which meant Lockheed had to develop a triethylborane-based chemical ignition system for the SR-71’s engines—adding to the jet’s complexity and maintenance costs. As the Air Force’s budgets declined toward the end of the Cold War, the service could no longer justify keeping the expensive SR-71 in its inventory—especially as new threats started to emerge. The service expected that a combination of satellites and other technical means would replace the venerable jet. One such system was the stealthy unmanned reconnaissance drone, which was canceled in 1999. But while the RQ-3 itself was canceled, the Air Force continued to develop a Tier 3 contested airspace reconnaissance capability in secret—which resulted in the Sentinel and allegedly the Northrop Grumman RQ-180 unmanned aircraft. If the it effectively replaces any capability gap created by the absence of the SR-71 Blackbird. This first appeared in 2015.
News Article | February 16, 2017
CALGARY, ALBERTA--(Marketwired - Feb. 15, 2017) - Blackbird Energy Inc. ("Blackbird") (TSX VENTURE:BBI) is pleased to report that it has closed the previously announced acquisition (the "Acquisition") of 8 gross sections of Montney rights (2.8 net) (the "Acquisition Lands") from Paramount Resources Ltd. ("Paramount") pursuant to the terms of a purchase and sale agreement dated February 2, 2017. The Acquisition is effective February 1, 2017. Blackbird issued an aggregate of 5,000,000 common shares to Paramount as consideration for the Acquisition (the "Consideration Shares"). The Consideration Shares are subject to a hold period expiring June 16, 2017. The Acquisition Lands increase Blackbird's Montney rights at Elmworth / Pipestone to 102 gross sections (96.8 net). 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. 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.
Agency: European Commission | Branch: FP7 | Program: CP | Phase: ICT-2007.2.2 | Award Amount: 25.84M | Year: 2009
The European robotics industry plays a key role in maintaining our continents industrial base. The robotics industry is strong, but fragmented and dispersed. In the future, cutting-edge technology resulting from top-level research will be the decisive factor for success. Europe not only has a powerful robotics industry, but can also boast superb research. By drawing on these resources, ECHORD aims at producing new knowledge through advancing the state of the art in selected research foci and developing novel technology from which new products can be derived. Within ECHORD, opportunities for knowledge advancement and technology transfer between academia and industry will be created across the whole continent. This will be achieved through the solicitation of focused, small-size RTD projects, so-called experiments, which can be rapidly negotiated, funded and executed. Via these experiments, ECHORD will bring about a large-scale introduction of robotic equipment into research institutions. This is expected to result in both tangible and measurable out-comes in terms of the accelerated development of technologies, as well as the deployment of robotics technology into new scenarios for the direct application of research results. For ECHORD, three such scenarios have been defined: human-robot co-working, hyper flexible cells, and cognitive factories. The foremost purpose of the scenarios is to define an environment that is both scientifically challenging to research institutions and commercially relevant to robot manufacturers.
Blackbird | Date: 2013-12-20
Storage unit mounting apparatus removably and lockably attachable to a vehicle is provided. The apparatus includes a single, cantilevered support member removably and irrotationally attachable at its proximal end to the vehicle, the distal end of the support member supporting a receiver having integral mounting means to which the storage unit is attachable. The apparatus is especially suited for vehicles such as motorcycles, all-terrain-vehicles (ATVs), bicycles and the like.