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National Bank Updates Outperform Rating on Blackbird Energy - Video Research Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2014) - National Bank Financial ha...
About this update from Strathcona Resources Ltd.
[{"type":"text","content":"National Bank Updates Outperform Rating on Blackbird Energy - Video Research Alert on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - November 27, 2014) - \nNational Bank Financial has updated coverage on Blackbird Energy (TSXV: BBI). Following the company's release of its annual financial statements and reserves information, analyst Brent Legate reiterated his \noutperform rating and price target of $0.70, a premium of 91% to the $0.37 price on November 20th, the day the report was issued. \n\nInvestmentPitch.com has produced a \"video research alert\" about Blackbird Energy based on this report. If this link is not enabled, please visit \nwww.InvestmentPitch.com and enter \"Blackbird\" in the search \nbox. \n\n\n\nIf you cannot view the video above, please visit: \nhttp://www.investmentpitch.com/video/0_6083a0ix/National-Bank-Financial-has-updated-coverage-on-Blackbird-Energy-TSXV-BBI\n\n\nBlackbird Energy is an emerging Canadian exploration and production company focused on the highly prospective liquids rich Montney natural gas resource in Alberta. Blackbird has a working interest in 127 net sections of Montney rights in Northern \nAlberta with plans to continue to expand its land base. \n\nFollowing Blackbird's recent opportunistic 10 section acquisition, for an estimated $300,000 per section, National Bank sees the potential for the company to complete similar acquisitions to further expand its contiguous 46 sections. The \ncompany reported 2P reserves of 3,216 million barrels of oil equivalent; of which 2,259 mboe are associated with the recently disposed Bigstone asset. National Bank estimates the current 2P reserves at 57 mboe.\n\nBlackbird does not have any production from its east Elmworth property; however, recent industry drilling results are supportive of the resource potential on Blackbird's land.\n\nAnalyst Brent Legate stated: \"Based on our analysis of industry activity across the over pressured, liquids-rich Montney trend offsetting Blackbird's Elmworth property, we see the potential for the liquids-rich Montney trend to extend \ninto Blackbird's land base. In the event both the Upper and Middle Montney are prospective on Blackbird's East Elmworth land, we see an unrisked value of approximately $3.00 per share, including the 46 sections at \nElmworth.\" \n\nThis was based on a bluesky invento...