CALGARY, June 23, 2014 /CNW/ - Black Swan Energy Ltd. has recently entered into a joint venture agreement to accelerate development of its Duvernay holdings in the Willesden Green area of Alberta. Under the agreement, the joint venture partner will drill and complete certain wells and contribute 50% of its land position to earn 50% of Black Swan's working interest in the area. After completion of the earning, Black Swan will have 27,640 net acres of Duvernay rights.
Black Swan continues to control 100% of its 92,640 acres of Duvernay rights in the Edson and Pembina areas in Alberta where it is currently drilling a horizontal Duvernay well with partners.
"The joint venture accelerates the pace of derisking of our Duvernay assets and, at the same time, allows us to concentrate our efforts on our very prospective liquids rich Montney acreage in northeast BC" said President and Chief Executive Officer David Maddison.
Black Swan's Montney position consists of 144,455 net acres in the Beg/Jedney area of northeast BC, where it has developed an inventory of over 2,500 potential locations. A continuous one rig program is planned for the remainder of 2014 beginning with a five well pad spudding in July. In the second quarter of 2014, the company commissioned its second compression facility and in June achieved a new production high of 5,200 boe/d.
Black Swan Energy Ltd is a private-equity backed exploration and production company headquartered in Calgary, Alberta. For more information, visit www.blackswanenergy.com or contact Black Swan at [email protected] or at (403) 930-4400.
SOURCE: Black Swan Energy Ltd.
For further information: David Maddison, President and Chief Executive Officer, Black Swan Energy Ltd., Telephone: (403) 930-4400, Email: [email protected], Website: www.blackswanenergy.com