Blackbird Gets Good News on Canadian Acquisition, Spies 6 Drill Locations
Blackbird Petroleum announced today the seismic data and valuation report for its first target acquisition.
On February 25, 2009, Blackbird entered into a Letter of Intent ("LOI") with Black Goose Holdings, Inc. ("Black Goose") of Calgary, Alberta, Canada. The LOI addresses terms and conditions for the purchase of the business assets of Black Goose including, among other things, approximately thirty-two thousand acres of oil and gas exploration leases in northern British Columbia and Alberta.
These lands are proximal to a producing field, which already has recovered over 25 Million barrels of oil equivalent (boe) and is currently producing 4,500 boe/day from 20 wells.
An independent prospective resources study was conducted in February 2009. The valuation study demonstrates that these lands may have the capacity to support over 24 producing wells and estimates that these lands may have approximately 8.3 million gross barrels of oil equivalent.
Through a focused seismic study Black Goose has identified 6 drilling locations to support Blackbird's initial drill program. Black Goose has surveyed the first wellsite and well commencement documents are ready for submission. Blackbird's senior Management is currently evaluating financing possibilities with the objective to complete the acquisitions of these lands, commence the drilling program as well as the evaluation of other acquisition opportunities.