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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 successfully drilled and cased both wells on its Bodo property in the Provost area of Alberta. The Sparky horizontal well will be completed with the multi-stage fracturing technology that has been successfully deployed in formations such as the Viking and Cardium of Central Alberta. This technology has resulted in significant increases in production from known productive oil reservoirs. BLR Bodo #2 - Sparky Horizontal Well The BLR Bodo #2 horizontal well commenced drilling March 23, 2010 and achieved a horizontal length of 689 metres in the Sparky Formation. The horizontal section was increased from a planned length of 600 metres due to continued reservoir presence at the toe of the well. The well encountered reservoir rock with abundant hydrocarbon shows throughout the majority of the horizontal section. Reservoir rock was encountered starting at the heel of the horizontal leg, which supports the 3D seismic interpretation of the pool. Blackhawk has three additional 3D seismic defined horizontal Sparky locations in the same pool on company owned land that will be drilled following successful completion of this well. Completion operations are expected to commence in the week of April 5, 2010. Ten staged fracture stimulations along the length of the horizontal section are planned. With the completion of the multi-stage fracture stimulation the Corporation will begin operations to bring the well on production as soon as is possible. BLR Bodo #1 - Colony Vertical Well BLR Bodo #1 was drilled to a total depth of 724 metres and encountered hydrocarbon pay in the Colony Formation. After perforating, the Colony zone flowed gas at a maximum rate of 1.6 mmcf/d with an average choked rate of 750 mcf/d over the testing period. Analysis of the logs indicate oil pay in addition to gas pay in the zone. Oil production is expected once gas pressure is sufficiently drawn down. Work has commenced on the tie-in of the well for production. With the success of the BLR Bodo #1 Colony vertical well, the Corporation has identified additional follow up drill locations. Once the tie in of this well is complete the follow up drilling program will begin. 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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