The competitor mentioned in the news has another one testing now. PEN and BBI have 25 % each and trading at .24 with share floats in the 50 million range. Company making wells for both.
2012-01-10 09:30 ET - News Release
Also News Release (C-DEI) Donnybrook Energy Inc
BLACKBIRD ENERGY PROVIDES UPDATE ON MONTNEY HORIZONTAL WELL DRILLING AND COMPLETION PROGRESS
Blackbird Energy Inc., further to its recent news releases, has been informed by the operator, Donnybrook Energy Inc., that the DEI Bigstone Hz 15-32-60-22 W5M well (25-per-cent working interest to Blackbird) has been drilled to total depth and the completion string has been installed in preparation for fracing operations, scheduled for Jan. 15, 2012. The well was drilled directionally to a total measured depth of 5,512 metres from the 3-29-60-2W5 surface location and included an extended reach lateral through the Montney formation measuring 2,744 metres at the 15-32-60-22W5 bottomhole terminus. The completion string is configured to conduct a continuous, multistage fracture stimulation consisting of up to 24 stages over the length of the horizontal lateral. The completion operations, including the frac procedure, production test and preparing the well in readiness for tie-in to sales, are estimated to be accomplished by early to mid-February, 2012.
The 15-32 well horizontal section is over twice as long (close to 1,500 metres longer) than the first successfully tested Montney horizontal well, DEI Bigstone Hz 14-29-60-22W5. The 14-29 (37.5-per-cent Blackbird/25-per-cent APO working interest), which parallels part of and directly offsets the 15-32 well, flowed at a rate of approximately 4.3 million cubic feet per day of natural gas and 295 barrels per day of condensate from a 1,254-metre lateral (1,011 barrels of oil equivalent per day) during the last 24 hours of a four-day production test. The 15-32 well will be fracced with the same synthetic-oil-based multistage system used in the completion of the 14-29 well.
The long lateral or extended-reach horizontal wells, in suitable areas, have the potential of reducing well density by up to 50 per cent over the shorter, 1,200-metre laterals, improving project economics and substantially reducing the surface environmental footprint. To date, 11 of the 15 Montney horizontal wells currently drilled in the Bigstone/Fir area are extended reach, with laterals ranging in length from 2,200 to 2,800 metres, while the remaining four wells have laterals of 1,200 to 1,300 metres. Each of these shorter laterals were drilled by local operators, to assess the development potential of the Montney formation liquids-rich natural gas resource in this area by employing current, state-of-the-art horizontal drilling and fracture stimulation techniques prior to moving to the extended-reach longer laterals for development purposes.
Planning for drilling a third well and construction of gas gathering and production facilities are currently under way, with a targeted start-up and on stream to sales commencing in the second quarter of 2012. Blackbird holds a 25-per-cent working interest in seven gross sections (1.75 net) at Bigstone.
The company and its partners continue to work toward having three wells drilled completed and tied in by the end of the winter drilling season. Bill Macdonald, president of Blackbird, stated, "We are very excited about the progress of the Bigstone wells and the prospect that they will be on stream in the near future, and the added value that this will bring to the Bigstone prospect."