Blackdog Resources Ltd. Announces Participation in and Commencement of Drilling of Horizontal Cardium Oil Well in Buck Lake, ...
November 22 2011 - 6:00AM
Marketwired Canada
Blackdog Resources Ltd. ("Blackdog" or "the Company") (TSX VENTURE:DOG) is
pleased to announce that it will be participating in the drilling of a
horizontal cardium light oil well near Buck Lake, Alberta (the "Buck Lake
Well"). Pursuant to the terms of the farm-in agreement, Blackdog will pay 15% of
all costs from drilling through to tie-in to earn a 15% working interest
("W.I.") in the Buck Lake Well and in the entire 480 acres property (3/4 of a
section) subject to a 12% non-convertible gross overriding royalty. The location
of the Buck Lake Well is at 9-22-46-6 W5M. A drilling rig has been moved onsite
and the Buck Lake Well is expected to spud within the next 24 hours.
David A. Corcoran, President of Blackdog, commented "Blackdog is very pleased to
continue to expand its land position and drilling locations in the emerging Buck
Lake cardium play. Blackdog now will have a 15% W.I. in 2 3/4 sections of land
in this area. Should we have success from this Buck Lake Well, the tie-in
process for a gasline is only 400 metres from the drilling location, and
management expects to have the well online and producing before the end of
2011."
Blackdog Resources Ltd. is a junior oil and gas company focused on the
exploration and development of light oil properties in South East Saskatchewan
and Alberta. The Company currently has 24,578,316 Common Shares outstanding.
Certain information regarding Blackdog in this news release, including
management's assessment of the expected timing for the tie-in of the Buck Lake
Well, and Blackdog's 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.
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