Market Overview

Blackbird Energy Inc. Announces Third Quarter 2018 Record Financial and Operating Results

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CALGARY, Alberta, June 26, 2018 (GLOBE NEWSWIRE) -- (TSX-V:BBI) Blackbird Energy Inc. ("Blackbird" or the "Company") is pleased to announce record financial and operational results for the quarter ended April 30, 2018. Blackbird's unaudited condensed consolidated interim financial statements and related management's discussion and analysis for the quarter ended April 30, 2018 are available on SEDAR at www.sedar.com and are also posted on Blackbird's website at www.blackbirdenergyinc.com.

"This was another exceptional quarter for Blackbird. We achieved record quarterly revenue of $6.4 million on the back of strong condensate pricing and a corporate liquids weighting of 56%. Our development north of the Wapiti River is expected to commence in August. This next leg of development will allow Blackbird to graduate to an intermediate producer, and will continue to unlock the value of our significant condensate rich resource in the Pipestone / Elmworth Montney Corridor," said Garth Braun, President, CEO and Chairman of Blackbird.

Highlights

  • Record Revenue: Blackbird is pleased to report a record $6.4 million ($49.81/boe) of petroleum and natural gas sales for the three months ended April 30, 2018. These results were achieved with the Company producing for approximately 70% of the quarter due to third-party natural gas processing shut-downs.

  • Corporate Production: During the three months ended April 30, 2018, the Company achieved corporate production of 2,081 boe/d (56% liquids) for the 62 days it was on production. Total production averaged 1,447 boe/d on a calendar day basis for the three months, with volumes being impacted by approximately 27 days of unscheduled third-party downtime.

  • Operating and Corporate Netback: Blackbird's operating and corporate netback was $27.28/boe and $18.80/boe, respectively, for the third quarter of 2018, which Management believes compares favorably with industry leaders in the basin.

  • Adjusted Funds Flow: The Company generated $2.4 million of adjusted funds flow during the three months ended April 30, 2018.

  • Balance Sheet Strength Maintained: Blackbird remains well capitalized, and between its credit facility capacity (which was expanded during the quarter from $1.0 million to $20.0 million) and working capital surplus the Company had approximately $24.6 million of available funding at April 30, 2018.

See below for a summary table containing certain financial and operational figures:

By the Numbers – Q3 2018
(CDN$ thousands, except where otherwise noted) Three months ended April 30 Nine months ended April 30
2018   2017   % Change   2018   2017   % Change  
Financial(1)
Petroleum and natural gas sales 6,414   3,312   94   15,032   3,437   337  
Cash provided by (used in) operating activities 2,811   (1,122 ) 351   4,233   (4,084 ) 204  
Net loss and comprehensive loss (47 ) (1,500 ) (97 ) (3,489 ) (7,436 ) (53 )
Net loss per share – basic and diluted ($/share) (0.00 ) (0.00 ) -   (0.00 ) (0.01 ) (100 )
Working capital 5,336   71,823   (93 ) 5,336   71,823   (93 )
Available funding(2) 24,618   72,123   (66 ) 24,618   72,123   (66 )
Capital expenditures 4,786   16,259   (71 ) 51,518   54,439   (5 )
Operating(1)
Production            
Condensate & oil (bbls/d) 753   384   96   586   130   351  
NGLs (bbls/d) 58   37   57   45   12   275  
Natural gas (mcf/d) 3,802   2,663   43   3,046   882   245  
Non-core (boe/d) 2   3   (33 ) 2   8   (75 )
Total (boe/d) 1,447   868   67   1,141   297   284  
Liquids ratio (%) 56   49   14   55   48   15  
Condensate & oil gas ratio (bbls/mmcf) 198   144   38   192   147   31  
Total liquids gas ratio (bbls/mmcf) 213   158   35   207   161   29  
   
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