David A. Corcoran, President of Blackdog stated, "Blackdog is very pleased to have identified and negotiated deals on both of these high quality light oil properties. The Company believes that by assembling multiple producing light oil properties with reduced risk but additional running room for growth and excellent financial metrics, it will be able to attract required funding from financial institutions and investors and enhance shareholder value. The successful closing of these Acquisitions would cause Blackdog to become a larger entity with higher rates of production, stronger cash flows and reserves and provide a clear roadmap for future growth."
Each of the Acquisitions remain subject to completion of due diligence, financing, board approval by both parties and the execution of definitive purchase and sale agreements, as well as approval by the TSX Venture Exchange. Blackdog intends to announce the details of the proposed financing for the Acquisitions in due course. Both Acquisitions are expected to be completed in October 2013.
Blackdog is a junior oil and gas Company focused on light oil development in South East Saskatchewan and Alberta. The Company currently has 27,166,212 common shares outstanding.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.
Certain information regarding Blackdog in this news release, including whether either or both of the Acquisitions will be completed and the expected timing thereof, as well as the number of possible future drilling locations on Property A, the expected returns on investment in re-entries on Property B and the anticipated assessment of future productive capacity of the properties to be acquired, may constitute forward looking statements under applicable securities laws. Such forward-looking statements necessarily involve a number of substantial known and unknown risks including, without limitation, risks associated with the benefits to be derived from the Acquisitions, general risks associated with oil and gas exploration, development, production, marketing and transportation, loss of markets, volatility of commodity prices, imprecision of reserve estimates, environmental risks, competition from other producers, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Blackdog's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements or information contained in this news release are made as of the date hereof and Blackdog does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
"Boepd" means barrels of oil equivalent per day. The term "barrels of oil equivalent" or "boe" may be misleading, particularly if used in isolation. A "boe" conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Blackdog Resources Ltd.
David A. Corcoran
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