News
Blackhawk vests 150 boe/d performance rights
Blackhawk Resource Corp (C:BLR)
Shares Issued 55,422,342
Last Close11/26/2010
.115
Monday November 29 2010 - News Release
Mr. Dave Antony reports
BLACKHAWK RESOURCE CORP. REPORTS VESTING OF 150BOE/DPERFORMANCE RIGHTS
Blackhawk Resource Corp. is vesting the150-barrel-of-oil-equivalent-per-day performance rights issued to former BlackBore Exploration Ltd. shareholders as part of an amalgamation agreement datedJuly 31, 2009, between Black Bore Exploration and a wholly owned subsidiary ofBlackhawk Resource.
Pursuant to the rights certificates, common shares becomeissuable in the event the total lands production factor exceeds 150 boe/d forthree consecutive production months on a monthly average basis. Total landsproduction factor means the sum of the production from Black Bore lands and 50per cent of the production from any lands acquired subsequent to theamalgamation.
Blackhawk's monthly average production has exceeded 150 boe/dfrom Black Bore lands for the months of August, September and October, 2010. Inaccordance with the terms of the rights certificates, the corporation will beissuing approximately 4,616,802 common shares of the corporation upon conversionof the rights certificates. Performance rights holders need take no furtheraction to effect the conversion of their rights, and share certificates will bemailed to each performance rights holder's address on record without action.
Postconversion of the performance rights, Blackhawk will have60,039,144 common shares issued and outstanding.