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lackhawk Resource sells properties for $380,000
2014-06-03 09:14 ET - News Release
Mr. Dave Antony reports
BLACKHAWK ANNOUNCES ASSET SALE
Blackhawk Resource Corp. has disposed of a number of its operated oil and gas properties for cash proceeds of $380,000 and an overriding royalty (GORR) on the properties.
As part of the corporation's continued focus as in investment issuer, effective June 1, 2014, Blackhawk has completed the sale of a number of its operated oil and gas properties to an arm's-length private company. This increase in investable capital along with the retention of a GORR, on the largest producing well and the undeveloped lands, better suits Blackhawk's business focus. With the transition to an investment issuer, Blackhawk feels that holding royalties, with their positive cash flow, but no recourse for additional capital costs is accretive to the shareholders.
Blackhawk continues to invest its capital in multiple companies across a variety of sectors within North America. Blackhawk strives to continue to increase its investable capital and grow by investing in equity and debt instruments of companies and generating positive returns for shareholders.