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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blackbird Energy | TSXV:BBI | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.235 | 0.23 | 0.235 | 0 | 01:00:00 |
Q1 2018 Highlights
See below for a summary table containing certain financial and operational figures:
By the Numbers – Q1 2018 | ||||||
(CDN$ thousands, except where otherwise noted) | Three months ended October 31 | |||||
2017 | 2016 | % Change | ||||
Financial | ||||||
Petroleum and natural gas revenue | 2,582 | 15 | 17,113 | |||
Funds used in operating activities | (2,114 | ) | (1,235 | ) | 71 | |
Net loss and comprehensive loss | (1,737 | ) | (1,059 | ) | 64 | |
Net loss per share – basic and diluted ($/share) | (0.00 | ) | (0.00 | ) | - | |
Total assets | 194,587 | 90,858 | 114 | |||
Working capital | 21,317 | 30,064 | (29 | ) | ||
Capital expenditures | 29,241 | 7,350 | 298 | |||
Operating | ||||||
Production | ||||||
Condensate (bbls/d) | 328 | - | - | |||
NGLs (bbls/d) | 30 | - | - | |||
Natural gas (mcf/d) | 2,112 | - | - | |||
Non-core (boe/d) | 2 | 14 | (86 | ) | ||
Total (boe/d) | 712 | 14 | 4,986 | |||
Liquids ratio (%) | 50 | - | - | |||
Condensate gas ratio (bbls/mmcf) | 155 | - | - | |||
Total liquids gas ratio (bbls/mmcf) | 170 | - | - | |||
Average Montney realized selling prices | ||||||
Condensate ($/bbl) | 60.50 | - | - | |||
NGLs ($/bbl) | 30.26 | - | - | |||
Natural gas ($/mcf) | 3.44 | - | - | |||
Netbacks ($/boe) | ||||||
Petroleum and natural gas revenue | 39.41 | 11.65 | 238 | |||
Royalties | (2.09 | ) | - | - | ||
Operating expenses | (10.62 | ) | (82.30 | ) | (87 | ) |
Transportation and processing expenses | (12.33 | ) | - | - | ||
Operating netback(1) | 14.37 | (70.65 | ) | 120 | ||
Pipestone / Elmworth Montney sections of land (net) | 114.9 | 87.25 | 32 | |||
Notes:(1) See the Company’s Q1 2018 financial statements and related management’s discussion and analysis filed on SEDAR for further discussion and cautionary statements regarding the figures above.(2) See “Non-IFRS Measures” below.
Operations Update and Outlook
Subsequent to October 31, 2017, Blackbird has continued to execute on its planned drilling and completion program. The company will continue its momentum into calendar 2018 with production / test results expected from a number of wells before the end of March, as detailed below. Blackbird expects that these results will showcase the productivity of the Company’s resource on the western development block of its Pipestone / Elmworth land base, as well as delineate the acreage to the north and east.
Upcoming well results include:
About Blackbird
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 / Elmworth, near Grande Prairie, Alberta.
For more information, please view our Corporate Presentation at www.blackbirdenergyinc.com or contact:
Blackbird Energy Inc.
Garth BraunChairman, CEO and President(403) 500-5550gbraun@blackbirdenergyinc.com
Karen MintonChief Financial Officer(403) 699-9929 Ext 111kminton@blackbirdenergyinc.com
Allan DixonBusiness Development Manager(403) 699-9929 Ext 103adixon@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.
ADVISORIES REGARDING OIL AND GAS INFORMATION
This news release discloses certain production information on a barrels of oil equivalent ("boe") basis with natural gas converted to barrels of oil equivalent using a conversion factor of six thousand cubic feet of gas to one barrel of oil (6:1). Boes may be misleading, particularly if used in isolation. The 6:1 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 or at the plant gate. Although the 6:1 conversion ratio is an industry accepted norm, it is not reflective of price or market value differentials between product types. Based on current commodity prices, the value ratio between crude oil and natural gas is significantly different from the 6:1 energy equivalency ratio. Accordingly, using a conversion ratio of 6:1 may be misleading as an indication of value.
Other abbreviations used in the news release include: “bbl” which mean barrel; “bbls/d” which means barrels per day; “mcf” which means thousand cubic feet; “mcf/d” which means thousand cubic feet per day; “boe/d” which means barrel of oil equivalent per day; “mmcf” which means million cubic feet; “bbls/mmcf” which means barrels per million cubic feet; and “mmcf/d” which means million cubic feet per day.
FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements relate to future performance, events or circumstances, and are based upon internal assumptions, plans, intentions, expectations and beliefs. 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 "will", "expect", "believe", “anticipate”, “estimate”, "plan", “forecast”, "potential", “continue” and similar expressions. More particularly and without limitation, this press release contains forward looking statements regarding: the initial term, timing and volumes associated with the gas processing agreement signed in November 2017; Blackbird continuing its momentum into calendar 2018; the timing production / test results from a number of wells, production / test results confirming the productivity of the Company’s resource on the western development block of its Pipestone / Elmworth land base, as well as delineating the acreage to the north and east; and the validation of Blackbird’s northern acreage through production / test results.
By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, many 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, and the ability to access sufficient capital from internal sources and bank and equity markets; and also including, without limitation, those risks and uncertainties discussed under "Risk Factors" in our Annual Information Form for the year ended July 31, 2017 available on SEDAR. This list is not exhaustive.
The forward-looking statements contained in this press release are made as of the date hereof and Blackbird assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
NON-IFRS MEASURES
This press release contains references to “operating netback”, which is a term commonly used in the oil and natural gas industry but without any standardized meaning or method of calculation prescribed by International Financial Reporting Standards (“IFRS”) or applicable law. Accordingly, the Company’s determination of operating netback may not be comparable to similar measures presented by other issuers. This term is used by management to analyze operating performance on a comparable basis with prior periods of Blackbird. Blackbird calculates operating netback as the total production revenues less royalties, transportation, processing and operating expenses, calculated on a boe basis. Management considers operating netback to provide a useful measure for evaluating operational performance at the oil and gas lease level, as an indicator of field-level profitability relative to current commodity prices. For more details on non-IFRS measures, including a reconciliation to IFRS measures, refer to our management’s discussion and analysis for the three months ended October 31, 2017 available on SEDAR.
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