Blackdog Resources Ltd. Announces Commencement of Production from Leduc Light Oil
November 10 2011 - 6:00AM
Marketwired Canada
Blackdog Resources Ltd. ("Blackdog" or "the Company")(TSX VENTURE:DOG) is
pleased to announce that production from its Leduc Reef light oil exploration
well (the "Leduc Well") near Sylvan Lake, Alberta commenced on Monday November
7, 2011. The Company has a 15% working interest in the Leduc Well and in the
entire section of land the Leduc Well is situated on. The well was put onto
production after the successful construction of a 4km pipeline. During the
completion process before the pipeline was installed, the Leduc Well flow tested
without the aid of artificial life of any kind at a rate of approximately 225
barrels of oil equivalent per day (net 35 boepd to Blackdog) during a limited
test over a 5 day period.
David A. Corcoran, President, commented: "Blackdog is very pleased with how the
drilling, completion and tie-in processes for this 3000 metre deep exploration
well have gone. The entire process from the commencement through to tie-in and
first production was just over 10 weeks which is excellent. We look forward to
updating the production rates from the well when the rates stabilize over the
next few weeks."
Blackdog Resources Ltd. is a junior oil and gas company focused on the
exploration and development of light and medium oil properties in Southeast
Saskatchewan and Alberta. The Company currently has 24,578,318 Common Shares
outstanding.
Certain information regarding Blackdog in this news release, including
management's assessment of the expected timing for the stabilization of
production rates and future plans and operations, may constitute forward looking
statements under applicable securities laws and necessarily involve risks
including, without limitation, risks associated with pipeline construction and
tie-in operations, general risks associated with oil and gas exploration,
development, production, marketing and transportation, loss of markets,
volatility of commodity prices, imprecision of reserve estimates, environmental
risks, competition from other producers, unexpected decline rates in wells,
wells not performing as expected, delays resulting from or inability to obtain
required regulatory approvals and ability to access sufficient capital from
internal and external sources. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements. Readers are
cautioned that the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could affect Blackdog's operations
and financial results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). The forward-looking statements or information contained in this
news release are made as of the date hereof and Blackdog does not undertake any
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
The term "barrels of oil equivalent" or "boe" may be misleading, particularly if
used in isolation. A "boe" conversion ratio of 6 Mcf:1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
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