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Blackbird Energy brings in over $84mln from offering

Tuesday, March 14, 2017 7:49
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(Before It's News)

Alberta – focused oil and gas firm Blackbird Energy (CVE:BBI) has closed its previously announced public offering to raise $84.8mln.

The group holds a 100% working interest in 96.8 net sections of highly prospective Montney rights at the condensate and liquids-rich Montney fairway at Elmworth, near Grande Prairie.

The firm said the new cash will be used to  fund the drilling and completion at 12 Elmworth / Pipestone Montney wells and to incur related tie-in, equipping and pipeline system costs.

It will also be used for general corporate purposes, Blackbird told investors

Last week, the company closed the acquisition of 13 gross sections of Montney rights (3.1 net) from Paramount Resources Ltd, effective February 1 this year.

Story by ProactiveInvestors


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