Blackbird Energy Inc. Reports 479% Increase of P+P NPV10 at its Bigstone Project

Blackbird Energy Inc. Reports 479% Increase of P+P NPV10 at its Bigstone Project

May 1, 2014

May 1, 2014 - Calgary, Alberta (TSX-V: BBI) Blackbird Energy Inc. ("Blackbird" or the "Company") is very pleased to announce the results of its revised independent reserves evaluation of its Bigstone project in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") as at April 30, 2014.

Highlights - April 30, 2014 compared to July 31, 2013

Proved Reserves
  • Increased Proved reserves by 247% to 434 Mboe (33% liquids).
  • Increased NPV of Proved reserves by 394% to $3.58 million (before tax discounted at 10%).
Proved plus Probable Reserves
  • Increased Proved plus Probable reserves by 195% to 2,259 Mboe (33% liquids).
  • Increased NPV of Proved plus Probable reserves by 479% to $22 million (before tax, discounted at 10%).
Summary of Reserves

The reserves data set forth below is based upon an independent reserves evaluation prepared by GLJ Petroleum Consultants ("GLJ") with an effective date of April 30, 2014 (the "GLJ Report"). The following presentation summarizes Blackbird's crude oil, natural gas liquids and natural gas reserves and the net present values before income tax of future net revenue for Blackbird's reserves using forecast prices and costs based on the GLJ Report. The GLJ Report has been prepared in accordance with definitions, standards, and procedures contained in the Canadian Oil and Gas Evaluation Handbook and NI 51-101.

Reserves CategoryNatural Gas
(MMcf)
Natural Gas Liquids
(Mbbl)
Total Oil Equivalent
(Mboe)
Proved
Developed Producing109927
Developed Non-Producing1,623136407
Total Proved1,732145434
Probable7,2856111,825
Total Proved plus Probable9,0177562,259

A summary of the Company's estimated future net revenues associated with Blackbird's Bigstone reserves as at April 30, 2014 based on the GLJ April 30, 2014 price forecast is provided in the following table. It should not be assumed that the net present values estimated by GLJ represent fair market value of the reserves. Numbers presented in table may not add exactly due to rounding.

Reserves Category0%
($M)
5%
($M)
10%
($M)
15%
($M)
20%
($M)
Proved
Developed Producing297288281273267
Developed Non-Producing6,3994,5173,3032,4641,848
Total Proved6,6964,8053,5842,7372,115
Probable42,82726,67318,47913,66610,533
Total Proved plus Probable49,52331,47822,06316,40312,648

About Blackbird

Blackbird Energy Inc. is a Western Canadian based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Blackbird trades on the TSX Venture Exchange under the symbol BBI.

Blackbird's team is focused on originating new high quality oil and liquids rich gas projects in NW Alberta and Saskatchewan.

For more information please visit the company's website and view the corporate presentation atwww.blackbirdenergyinc.com

On behalf of the board of
BLACKBIRD ENERGY INC.

Per: "Garth Braun"
Garth Braun
Chief Executive Officer and Director

For further information contact:

Blackbird Energy Inc.
Garth Braun
President and CEO
(587) 538-0383

Blackbird Energy Inc.
Joshua Mann
Vice President, Business Development
(403) 390-2144
www.blackbirdenergyinc.com

Brisco Capital Partners Corp.
Katrin Tosine
Director of Investor Relations
(647) 388-4984
kat@briscocapital.com

Reserves Advisory

This press release contains estimates of the net present value of our future net revenue from our reserves. Such amounts do not represent the fair market value of our reserves.

Certain natural gas volumes have been converted to barrels of oil equivalent ("boe") using six thousand cubic feet ("mcf") of gas equal to one barrel ("bbl") of oil unless otherwise stated. This 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. Such disclosure of boes may be misleading, particularly if used in isolation.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. There is at least a 90% probability that the quantities actually recovered will equal or exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. There is at least a 50% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements") relating to the revised independent reserves evaluation and the reserve quantities of the Company's Bigstone asset Reserves that are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated and that the reserves can be profitably produced in the future.

Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic and business conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration and production, (3) the price of and demand for oil and gas and their effect on the economics of oil and gas exploration, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this press release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

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 RELEASE.

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