Blackbird Energy recently achieved first production at its Montney assets and now has increased its position in the region with a second land acquisition from Paramount Resources.
The company says it will increase its land holdings at Elmworth/Pipestone to 115 gross sections (99.9 net) through a 13-section deal with Paramount for consideration of five million Blackbird common shares.
Earlier this month Blackbird closed its acquisition of eight gross (2.8 net) sections of Montney rights from Paramount, also for five million common shares.
Blackbird says with the acquisition it will have a large contiguous block of land both north and south of the Wapiti River, adding between 104 and 312 gross drilling locations to its portfolio.
The new drilling inventory will contribute to Blackbird’s existing processing agreements in the region as well as help achieve the scale required to execute large-scale processing and takeaway agreements, the company says.