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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blackhawk Resource Corp | TSXV:BLR | 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% | 0.05 | 0.05 | 0.06 | 0 | 01:00:00 |
Blackhawk Resource Corp. ("Blackhawk" or the "Corporation") (TSX VENTURE:BLR) is pleased to announce that it has completed construction and commenced operation of its new water disposal facility at its Bodo property in central eastern Alberta. The facility is designed to dispose of up to 3,700 barrels of water per day and will be utilized to dispose of all of Blackhawk's produced water in the Bodo area. With the water disposal facility operational Blackhawk has returned three of its 100% owned shut-in heavy oil wells to production. Expected production from these wells is 65 barrels of oil per day. Construction of the BLR Bodo #1 gas well tie-in will commence in early July and the well is anticipated to be on production by mid July. This well is expected to add 60 barrels of oil equivalent per day. Blackhawk is also pleased to announce that it has arranged a $1 million secured credit facility from two officers of the Corporation. The Corporation entered into promissory notes with each of the officers. Each promissory note has a principal amount of $500,000 (collectively, the "Promissory Notes") and each note bears interest at Prime Lending Rate plus 3.5% per annum calculated monthly. The Promissory Notes are secured by a charge over all of the Corporation's right, title and interest in and to all of the Corporation's present and after-acquired property and all proceeds thereof. The Promissory Notes are subordinate to senior indebtedness. The Corporation will use the proceeds of the loans for general corporate purposes. The Corporation has made an application for approval from the TSX Venture Exchange. Statements in this press release may contain forward-looking information including expectations of future operations, commerciality of any gas discovered, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
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