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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 the following reserve additions relating to the successful completion of the 100% owned BLR Bodo #1 and BLR Bodo #2 wells which were drilled in the first quarter of 2010. The new well reserve estimates were prepared by AJM Petroleum Consultants with an effective date of April 30, 2010 using the AJM March 31, 2010 price forecast. The two well program, including drilling, equipping and tying-in the wells, cost approximately $2.1 million and increased Blackhawk's proved plus probable before tax net present value, discounted at 10%, by more than $11.2 million. First Quarter Reserve Additions ---------------------------------------------------------------------------- Proved plus Working Interest Before Royalties Proved Probable Probable ---------------------------------------------------------------------------- Oil, Mbbl 179.9 86.4 266.3 Gas, MMcf 857.8 137.3 995.0 NGL, Mbbl 1.1 0.2 1.3 ---------------------------------------------------------------------------- Total Mboe 324.0 109.5 433.4 ---------------------------------------------------------------------------- Net Present Value in thousands (10% discount before tax) $9,015 $2,239 $11,254 The above reserve additions are incremental to Blackhawk's December 31, 2008 reserves, prepared by AJM Petroleum Consultants that had a net present value discounted at 10% before tax of $3.8 million. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. All barrels of oil equivalent ("boe") conversions in this release are derived by converting natural gas to oil in the ratio of six thousand cubic feet ("Mcf") of gas to one barrel ("bbl") of oil. A boe conversion ratio of six mcf to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Mbbl = thousands of barrels MMcf = millions of cubic feet Mboe = thousands of barrels of oil equivalent 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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