RE: SECOND MONTNEY HORIZONTAL WELL SPUD AT BIGSTONNot sure why Pennant PP was so much more successful than Blackbird's. The pricing is identical but Blackbird participants get a full warrant versus 1/2 warrant with Pennant. I am going with Blackbird due to the better warrant deal. The statement that they have funding for the first two wells is critical. Blackbird will not get any revs from either the test well or this one that's drilling until the above ground facilities are built. They need the revs as soon as possible to bolster their fundraising position and enhance their ability to raise funds at better prices.
Blackbird only has 100boepd and is not cashflow positive at present. I'm not sure they will have the revs before they need to raise more money. BUT if well #2 tests at 3,000boepd, Blackbird should be able to raise a lot more money!