Blackdog Resources Ltd. ("Blackdog" or the "Company") (TSX VENTURE:DOG) is
pleased to provide an update on its Q1, 2011 operations.


Selected highlights of the Company's results are as follows:



--  Revenue increased to $1,166,407 (2010-$400,337). This represented a year
    over year Q1 increase of 191%. 
--  Barrels of oil ("bbls") per day increased to 152 bbls (2010-60 bbls).
    This represented a year over year Q1 increase of 153%. 
--  Operating Netbacks increased to $362,079 (2010-$157,046). This
    represented a year over year Q1 increase of 131%. 
--  Funds flow from operations increased to $246,344 (2010-$45,539). This
    represented a year over year Q1 increase of 441%. 
--  General and Administrative costs decreased to $100,788 (2010-$108,588).
    This represented a year over year Q1 decrease of 7%. 
--  Participated in drilling with 15% working interest ("W.I.") in the
    Company's first non-operated horizontal Cardium oil well (the "Cardium
    Well") in Pembina, Alberta. 
--  Cardium Well flowed approximately 1,000 bbls (net 150 bbls) during test
    period and commenced commercial production on March 18, 2011. 
--  Installed power for Enhanced Oil Recovery/Salt Water Disposal
    ("EOR/SWD") well at Woking, Alberta on March 8, 2011 (Company estimates
    future monthly saving on rental generator, diesel fuel and labour at
    $15,000 per month). 



David A Corcoran, President of Blackdog commented, "Blackdog is very pleased
with the continued growth of our business in Q1, 2011. The weather in Northern
Alberta was exceptionally challenging and cold for extended periods throughout
the entire quarter which caused multiple freeze up of wells and higher than
expected operating costs. However, the Company managed to diligently work
through these issues and maintain our focus on increasing production and
netbacks and as a result even in these tough conditions we are very pleased with
our quarter end results. Not included in any of our financial results is the
rebate from the Ministry of Energy in Alberta that the Company expects to
receive as a result of the drilling credit rebate it applied for subsequent to
the end of the first quarter. The Company applied for a royalty rebate net to
the company of approximately $265,000 during Q2, 2011. This is for royalties
paid during the period of April 1, 2010 - March 31, 2011. 


Blackdog is further delighted with the excellent results of the Cardium Well.
The Cardium Well was completed with a water based fracture stimulation which cut
the costs by over $300,000 (net $45,000) from our original budget and as there
was no load oil to recover, the well began producing virgin oil almost
immediately. The operator of the Cardium Well has stated that it intends to
apply to increase the drilling density to 8 wells per section from the current 4
wells per section on this section of land and also to instigate a water drive to
increase the long term reserves of the well.  Although the Cardium Well had an
immaterial effect on the Company in Q1, 2011 due to commencing production so
late in the quarter, the Company believes it will provide significant additional
production and cash flow for the Company for years to come."


Blackdog Resources Ltd. is a junior oil and gas Company focused on the
development of light and medium oil with producing assets in South East
Saskatchewan and Alberta. The Company has 24,574,318 common shares outstanding.


Certain information regarding Blackdog in this news release, including
management's assessment of future plans and operations, may constitute forward
looking statements under applicable securities laws and necessarily involve
risks including, without limitation, risks associated with oil and gas
exploration, development, production, marketing and transportation, loss of
markets, volatility of commodity prices, imprecision of reserve estimates,
environmental risks, competition from other producers, unexpected decline rates
in wells, wells not performing as expected, delays resulting from or inability
to obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements. Readers are
cautioned that the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could affect Blackdog's operations
and financial results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). The forward-looking statements or information contained in this
news release are made as of the date hereof and Blackdog does not undertake any
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.


Grafico Azioni (TSXV:DOG)
Storico
Da Dic 2024 a Gen 2025 Clicca qui per i Grafici di
Grafico Azioni (TSXV:DOG)
Storico
Da Gen 2024 a Gen 2025 Clicca qui per i Grafici di