Blackbird Energy Inc. (TSX VENTURE:BBI) is pleased to announce that it has entered into an agreement for the acquisition of an indirect 10% minority interest in Stage Completions Inc., a Canadian technology and services company that specializes in pin-point multistage completions, for a cash purchase price of $3.0 million (the ‘Transaction’). The Transaction remains subject to TSX Venture Exchange approval and the satisfaction of certain closing conditions including with respect to operational matters and the receipt by Blackbird of an independent valuation.
Stage has developed disruptive new technology at the forefront of the oil and gas completions industry. Stage’s technology provides access to the plug and perf market through its designed, owned, manufactured and patented fracturing systems that are focused on sliding sleeve technology. The strategic assessment of fracturing tool inefficiencies has resulted in the development of the disruptive solution for technically challenging applications in horizontal, vertical, and multi-lateral wells in all formations.
Garth Braun, Chairman, CEO and President of Blackbird, stated, ‘Blackbird is making this investment to be in a control position on costs while also having the ancillary benefit of being a shareholder of disruptive completions technology. The Stage system was recently deployed on Blackbird’s water disposal well, where its capabilities were clearly demonstrated. In large part due to the Stage technology, we drilled and completed our water disposal well on-time and below budget. With the use of Stage’s proprietary sliding sleeve completion systems, Blackbird believes it can achieve cost savings of between $1.5 and $2.0 million per Montney well compared to competing sliding sleeve and plug and perf technologies.’
石油圈
