BLR Blackhawk Resource Corp

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.

Blackhawk Resource Corp. (TSXV:BLR)
Historical Stock Chart
From Jun 2024 to Jul 2024

Blackhawk Resource Corp. (TSXV:BLR)
Historical Stock Chart
From Jul 2023 to Jul 2024