Blackhawk Resource Corp. BLR Bodo #2 Sparky Well Begins Production
April 29 2010 - 9:01AM
Marketwired Canada
Blackhawk Resource Corp. ("Blackhawk" or the "Corporation") (TSX VENTURE:BLR) is
pleased to announce that it has successfully commenced production at its 100 %
owned BLR Bodo #2 horizontal well in the Provost area of Alberta. The well began
commercial production on April 23, 2010 and is currently producing above
expectations at approximately 180 barrels of medium weight oil per day.
Using 3D seismic data, Blackhawk has identified four additional horizontal
Sparky locations on Corporation owned land. The Corporation expects the first
follow up well to spud in June 2010.
BLR Bodo #1 - Colony Vertical Well
Work to tie-in the 100% BLR Bodo #1 vertical Colony well is progressing as
scheduled. BLR Bodo #1 was drilled to a total depth of 724 metres and
encountered hydrocarbon pay in the Colony Formation. After perforating, the
Colony zone flowed gas at a maximum rate of 1.6 million cubic feet per day with
an average choked rate of 750 thousand cubic feet per day over the testing
period. A tie-in point has been surveyed, and transportation and processing
capacity have been arranged. It is expected the BLR Bodo #1 well will be
on-stream in June 2010.
Bodo Water Disposal Facility
Blackhawk is also pleased to announce that construction of the Bodo water
disposal facility has commenced. This water disposal facility will service and
benefit all of the Blackhawk producing wells in the Provost area by lowering the
operating costs associated with produced water disposal. With completion of the
water disposal facility, three 100% Blackhawk working interest wells will be
returned to production adding an additional 65 barrels per day of oil
production. Completion of the water disposal facility is expected in June 2010.
Based on the current ongoing field activities Blackhawk expects to exit Q2 2010
with production in excess of 300 barrels of oil equivalent per day.
Trading in the securities of the Corporation should be considered highly
speculative.
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.
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