Blackbird Energy Inc.

Blackbird Energy Inc. is an emerging Canadian exploration and production company focused on the highly prospective, liquids-rich Montney natural gas resource in Alberta. Blackbird is focused on the development of its Elmworth Montney project where it has 100% working interest in 81 sections of highly prospective Montney resource.

Expert Comments:

A Pareto Securities report discussed the expected outcomes of this transaction.
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Tom Erik Kristiansen, Pareto Securities (10/31/18)
"Blackbird Energy Inc. will merge with Pipestone Oil, with the new company being named Pipestone Energy, which will own a large land position of 153 net sections of continuous land in the liquids-rich Montney Shale play. . .the main value driver of the transaction is the transformation of Blackbird from holding an attractive but yet to be financed development portfolio to rapidly becoming a significant producer."

A Pareto Securities note explained what the company has to offer, why it is attractive and what it could gain from an M&A-type deal.
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Tom Erik Kristiansen, Pareto Securities (10/12/18)
"After delivering better than expected drilling results, Blackbird Energy Inc. holds a high-margin, development-ready portfolio at the perfect time in the cycle. . .we reiterate that the company is too cheap to ignore and that 'the best rock wins.'"

A Pareto Securities report highlighted the disconnect between this energy company's current share price and where it should be.
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Tom Erik Kristiansen, Pareto Securities (10/3/18)
"Blackbird Energy Inc. reports 2018 results in line with our expectations for its divergent financial year ending July 2018. Production of 1,148 boe/day (55% liquids) is as guided impacted by third party maintenance activity and should increase towards 2,000 boe/day going forward. More important, Blackbird delivers an industry leading operational netback of CAD 30/boe. This highlights the valuation mystery in Blackbird, which continues to be priced at a large discount to peers and is the most obvious takeover candidate in our coverage universe. While a modest funding need exists if no industry solution is achieved, we view Blackbird as too cheap to ignore."

Tom Kristiansen, Pareto Securities (9/17/18)
"Blackbird Energy Inc. increased its 2P reserves by 9% to 59 MMbbl and announced an equity issue of CA$12.4M (4% dilution) last week. The nonbrokered flowthrough equity issue enables the company to monetize some of its tax balances and is expected to fund its drilling operations until 2018E."

The company reports progress on several fronts at its Montney property in Alberta.
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Garett Ursu, Cormark Securities (6/12/18)
"Blackbird Energy Inc.'s total contingent resources are 112.2 MMboe (43% liquids) on a risked basis and 140.2 MMboe (43% liquids) unrisked. . .with only ~44% (49.9 sections) of the company's 113.5 net sections booked to either 2P reserves or contingent resources and an NPV-10 of $982M between both 2P reserves and contingent resources (~$1.31/share), we estimate potential value of Blackbird's asset base of ~$2.2B (~$2.98/share) representing significant upside currently unattributed to the stock."

Tom Kristiansen, Pareto Securities (6/12/18)
"Blackbird Energy Inc. today reports 149% growth in 2C resources to 112 MMboe, which in the independent assessment made by McDaniel & Associates is valued at CA$587M (CA$0.77/share). . .the company has still only booked resources in two of four prospective Montney intervals on 29% of its acreage, implying significant further growth potential. Importantly, today's assessment supports Blackbird's future growth ambitions."

More Expert Comments

Experts Following This Company

Tom Erik Kristiansen – Pareto Securities
Brian Kristjansen, Research Analyst, Energy – Dundee Capital Markets
Chris Krueger, Analyst – Lake Street Capital Markets
Kaila Krum, Healthcare Equity Research Analyst – William Blair
Clive Maund – gold, silver & oil shares
Garett Ursu, Analyst – Cormark Securities

The information provided above is from analysts, newsletters, the company and other contributors.

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Investing Highlights
Asset & Size of Prize: 100% working interest in 128 sections in the Montney
Strategy: Maximize shareholder value through drill bit delineation and land acquisitions
Torc: High impact well results in near term
Financial Strength: Approximately $28M cash
Team: Highly experienced team with over 150 years of experience