Blackbird Energy Inc. will acquire 13 gross (3.1 net) sections of Montney rights for 5 million Blackbird shares in the Paramount acquisition. Blackbird’s Montney rights at Elmworth/Pipestone will increase to 115 gross (99.9) net sections, the company said Feb. 22.
Blackbird and Paramount Resources Ltd. entered into a letter of intent. The acquired land is contiguous with Blackbird's existing lands, the press release said.
The acquisition lands are south of the Wapiti River. After the acquisition closes, Blackbird will have significant blocks of land north and south of the river. The acquisition could add between 104 and 312 gross (25 to 74 net) drilling locations to Blackbird's drilling inventory south of the river, increasing its ultimate reserves and production potential.
The additional locations will augment Blackbird’s current processing and takeaway commitments when an eastern pipeline gathering system is built, the press release said.
Blackbird Energy Inc. is based in Calgary, Alberta.
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