Blackbird faces delays in evaluating Missouri D zone
Shares Issued 37,403,208
Last Close 12/4/2009 $0.30
Wednesday December 09 2009 - News Release
Mr. William Macdonald reports
BLACKBIRD INVESTMENTS INC. PROVIDES OPERATIONAL UPDATE
Blackbird Investments Inc. has provided an update on the re-entry and recompletion on the two existing Mather's wells.
Both the Mathers 2-74 and 2A-74 wells have been re-entered, acid washed and perforated. The corporation then proceeded with the frac of the Mathers 2-74 to access the Missouri D formation, with the intention of then returning to the Mathers 2A-74 to frac the Virgillian formation. Unfortunately, during the perforation and frac activities, the casing in the Mathers 2-74 well was damaged. Due to the separation in the casing there was an intrusion in the wellbore of formation fines, which closed much of the well off. This has resulted in a delay in accessing and evaluating the Missouri D zone. The company is currently moving forward to complete the repair to the casing. The delay as a result of the required repairs should be modest.
Blackbird gets Mather prospect permits and has commenced re-completion efforts.
Blackbird Investments Inc (C:BBI)
Shares Issued 37,403,208
Last Close 11/16/2009 $0.35
Tuesday November 17 2009 - News Release
Mr. Dwane Brosseau reports
BLACKBIRD INVESTMENTS INC. PROVIDES OPERATIONAL UPDATE
Blackbird Investments Inc. ("Blackbird" or the "Corporation"), is pleased to announce that it has received the necessary permits as operator to commence operations on its Mather Gordon Prospect in Texas. Blackbird has commenced its re-entry and re-completion efforts on the two existing Mather's wells as the first stage of its drill program.
In addition, Blackbird has set a date for its upcoming annual general meeting, to be held on January 5, 2009.
Blackbird Investments Beefs Up Board with Braun
Shares Issued 37,403,208
Tuesday November 10 2009 - News Release
Mr. William Macdonald reports
BLACKBIRD INVESTMENTS INC. ANNOUNCES BOARD AND MANAGEMENT ADDITIONS
Blackbird Investments Inc., as a result of the recent closing of its qualifying transaction, has made several additions to its board and management. Garth Braun has been appointed as the Corporation's Chief Executive Officer and has also been appointed to the Board of Directors. In addition, David Finn has also been appointed to the Board of Directors. The appointments of Messrs. Braun and Finn remain subject to the approval of the TSX Venture Exchange (the "Exchange"). Mr. Finn has been granted 250,000 stock options pursuant the Corporation's stock option plan, exercisable at $0.25 for a period of five years from grant.
Mr. Braun brings to Blackbird more than 22 years of diversified real estate, finance and oil and gas industry experience in operations, finance and strategic planning. Prior to joining Blackbird, he served as one of the lead Investment Bankers at Gateway Securities Inc. Mr. Braun gained extensive experience in the operations of an international oil and gas company where he served as CEO and Chairman. He has owned and operated several profitable real estate development companies in Canada.
David Finn is a Petroleum Consultant with over 30 years consulting experience in oil and gas property evaluations. Upon graduation from the British Columbia Institute of Technology with a Diploma in Natural Gas and Petroleum Technology in 1969, he was employed by Amoco Canada Petroleum Company Ltd. From there he returned to University majoring in physical sciences, then re-entering the oil and gas industry with the British Columbia Petroleum Corporation where he monitored natural gas performance of northeastern British Columbia gas fields. In 1978 he began his career in the consulting business with the predecessor company of Gilbert Laustsen Jung Associates Ltd. In 1980 he co-established and was a partner in the Vancouver based oil and gas consulting firm, Esau Finn Associates Ltd. which until 1989 served the resource and financial community of Vancouver. The firm provided oil and gas technical reports in support of securities and banking requirements; acquisition/disposition appraisals; independent opinion of drilling prospects; and monitoring of oil and gas operations of junior oil and gas companies. Areas of exposure included continental U.S.A., the western Canadian sedimentary basin as well as limited offshore evaluations. In 1990 he became an independent oil and gas consultant, primarily contracting his services to Gilbert Laustsen Jung Associates Ltd. in Calgary, until returning to Vancouver in 2002, where he continues to provide his consulting services.
David is a registered member of the Applied Science Technologists of British Columbia and currently serves as a director of other publicly traded junior resource companies.
The Corporation has retained Dwane Brosseau to provide investor relations services for Blackbird. The agreement is for a six month term, pursuant to which Mr. Brosseau will be paid $3,500 (plus GST) per month. Mr. Brosseau has been paid a signing bonus of $3,500 and has been granted 150,000 stock options pursuant the Corporation's stock option plan, exercisable at $0.25 for a period of five years from grant, which will vest in accordance with applicable Exchange policies.
Mr. Brosseau has over 15 years of financing experience in venture capital, institutional investing and wealth management. During that time he has worked closely with private high-net-worth individuals, institutional investors and brokers in North America. Mr. Brosseau holds a bachelor of commerce from St. Mary's University in Halifax.
William Macdonald, President of the Corporation stated, "As we move into our operational phase, I am very pleased that we have been able to attract and add such quality individuals to the Blackbird team."
Blackbird Investments to Start Permitting at Mathers
BLACKBIRD INVESTMENTS INC. ANNOUNCES CLOSING OF QUALIFYING TRANSACTION AND FINANCING
Further to its previous announcements with regard to its proposed qualifying transaction, Blackbird Investments Inc. has closed the qualifying transaction and concurrent financing, and has received final approval from the TSX Venture Exchange. The closing date for the transaction and the first tranche of the concurrent financing was Oct. 23, 2009. The second tranche of the financing closed on Nov. 5, 2009.
As announced, Blackbird had entered into an agreement with Maxwell Exploration Inc. for the acquisition of a 75-per-cent interest in certain oil and gas leases located in Gray county, Texas.
William Macdonald, president of the corporation, stated: "I am very pleased at what the Blackbird team has been able to accomplish in such a short time frame, particularly given the difficult market conditions when we locked up the transaction. At the time when we entered into the initial agreement for the acquisition, gas was at approximately $2.50 (U.S.), oil was at $58 (U.S.) and we had an 87-cent Canadian dollar. All of these have moved substantially in our favour, making for an even more compelling story."
Blackbird is now proceeding with the bond and permitting process in order to commence operations on the initial two Mathers well recompletions as soon as possible.
The financing provided total gross proceeds of $2,978,116. Of this amount, gross proceeds of $2.5-million were received from the brokered portion and gross proceeds of $478,116 were received from the non-brokered portion. Net proceeds from brokered portion, after commissions, payment of the corporate finance fee and agent's expenses were $2,273,000. Net proceeds from the non-brokered portion after payment of finders' fees were $464,116.
The financing consisted of 11,912,464 units at a price of 25 cents per unit. Each unit consists of one common share and one-half of one transferable share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of 40 cents for a period of 36 months from the closing. In addition, the corporation has issued agent warrants equal to 7 per cent of the securities sold under the financing; the warrants are exercisable at 25 cents for a period of 24 months from closing. The corporation has issued 125,000 agent shares and 490,743 finder's fee shares to the party that identified the transaction and assisted in its negotiation and evaluation. The shares and warrants issued in connection with the private placement and finder's fee will be subject to a four-month hold period.
Blackbird Investments' QT Receives TSX-V Acceptance
BLACKBIRD INVESTMENTS (BBI-TSXV) QUALIFYING TRANSACTION
The TSX Venture Exchange has accepted for filing Blackbird Investments Inc.'s qualifying transaction described in its filing statement dated Oct. 9, 2009. As a result, effective at the opening Tuesday, Nov. 10, 2009, the trading symbol for Blackbird Investments Inc. will change from BBI.P to BBI, and the company will no longer be considered a capital pool company. The qualifying transaction includes the following matter, which has been accepted by the exchange.
Acquisition of a 75-per-cent interest in the Mathers-Gordon project
The exchange has accepted for filing a purchase and sale agreement between the company's wholly owned subsidiary Blackbird Energy Holdings LLC (as buyer) and Maxwell Operating Inc., a Texas corporation (as seller), dated Aug. 12, 2009, under which Blackbird Energy agreed to purchase from Maxwell, a 75-per-cent right, title, estate and interest in and to assets located in Gray county, Texas, and known locally there as the Mathers-Gordon project.
Pursuant to the terms of the purchase and sale agreement, the purchase price for the assets is the payment to Maxwell on closing of $2.2-million (U.S.) ($2,395,800 (Canadian)), subject to certain adjustments.
Pursuant to a finder's fee agreement between the company and Garth Braun dated Oct. 2, 2009, the company will issue 490,743 common shares to Mr. Braun which represents 5 per cent of the transaction's purchase price, issuable at a deemed price of 25 cents as consideration for his locating the assets, and his assistance with the negotiation, evaluation and due diligence of the qualifying transaction.
The exchange has been advised that the above transaction has been completed. The full particulars of the company's acquisition of the Mathers-Gordon project are set forth in the filing statement, which has been accepted for filing by the exchange and which is available under the company's profile on SEDAR.
Capitalization: Unlimited shares with no par value of which 37,403,208 shares are issued and outstanding
Escrow: 10 million common shares are subject to a 36-month staged release escrow, of which one million are authorized to be released on issuance of this bulletin
Transfer agent: Computershare Investor Services Inc.
Old symbol: BBI.P
New symbol: BBI