QIS Update #16 2013 - July 24th 2013
Included in this update:
- Blackbird Energy announces receipt of Exchange approval for farmout agreement
- Cobra Venture acquires working interest in four test wells in SW Saskatchewan
- NTG Clarity convertible debenture – final reminder
- Pennant Energy receives Exchange approval for farmout agreement
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Blackbird Energy Inc. (BBI:TSX-V)
Current Price: $0.05 (coverage commenced Aug 19/11 - $0.18)
Blackbird Energy Inc. has announced that the Farmout Agreement with Pennant Energy Inc. has been approved by the TSX Venture Exchange.
Pursuant to the terms of the Farmout Agrement, Pennant may earn a 30% working interest in certain lands and leases owned by Blackbird in the Mantario area of West Central Saskatchewan. In order to earn its 30% interest, Pennant must pay to Blackbird on or before August 2, 2013 the following: (i) 50% of the land acquisition costs incurred to date including brokerage and transfer costs ($200,000 net estimated), and (ii) 50% of the 3D seismic program including geological and geophysical interpretation ($125,000 net estimated). In addition, to earn the working interest Pennant must also pay 50% of the drilling, completing, equipping and tie-in costs of the test well as they become due.
Blackbird Energy Inc. has announced that David Finn, a director of the company, died suddenly on July 15, 2013.
David was appointed to the Blackbird board of directors in November 2009 and had a distinguished career in the oil & gas business for over 30 years.
Garth Braun, CEO of Blackbird stated: We are deeply saddened to announce David's passing. David's wealth of knowledge and expertise of the energy industry and his sage advice and guidance made an invaluable contribution to our company. Apart from his role as a director, David was also a wonderful supporter and friend and he will be greatly missed. Together with the entire board of directors and management of Blackbird, I extend my heartfelt condolences to David's family during this difficult time.
Cobra Venture Corporation (CBV:TSX-V)
Current Price: $0.20 (coverage commenced May 22/07 - $0.205)
Cobra Venture Corporation has announced that it has entered into a Participation Agreement to drill and complete up to 4 initial test wells. The Test Wells are located in southwest Saskatchewan in an area with three geologically and seismically identified formations (the Cantuar, Roseray and Upper Shaunavon). Under the terms of the Participation Agreement, Taku Gas Limited has granted Cobra (and two other arm’s length companies) the right to participate with Taku in a Farmount Agreement, dated June 11, 2013, between Taku and Ceno Energy Limited. Cobra will pay 29.33% of the drilling costs of each Test Well to earn a net working interest of 14.665% in each well. Based on all 4 Test Wells being drilled, Cobra’s net earned position will be equal to 14.665% of 1640 acres. The Test Wells will be drilled vertically to an approximate depth of 1200 metres to evaluate the Upper Shaunavon Zone. The first Test Well is expected to be spudded in early August 2013.
NTG Clarity Networks Inc. (NCI:TSX-V)
Current Price: $0.34 (coverage commenced Feb. 4/10 - $0.045)
We still have some of the NTG Clarity convertible debenture available to accredited investors and we’d like to complete the financing early this week. This is our last reminder for those that may have an interest. The convertible debentures will mature two years from closing and will bear an interest rate of 10%. The debentures are convertible, at the option of the holder, into common shares at a price of $0.25 per share at anytime during the duration of the debenture and can be forced by the company if the stock averages over $0.35 for 20 consecutive days. These funds will be used as working capital to fund the company's growth.
NTG Clarity is currently trading around $0.34. Investors are guaranteed a 10% interest rate while the debentures are held and are currently sitting in a 36% gain if the debentures are converted at $0.25. For example, if an investor invested $100,000 in the debentures and held for 6 months before converting and the share price stayed at $0.34, the investor would get interest of $5,000 and would have a gain of $36,000 upon selling. The total return would be $41,000 or 41%.
The complete details of NTG Clarity’s 2-year 10% convertible debenture can be viewed at www.smallcaps.ca/financings . This offering is available to accredited investors who meet the exemption requirements of the placement. Anyone wanting more information is invited to call QIS Capital at 250-377-1182 or email us at email@example.com.
Pennant Energy Inc. (PEN:TSX-V)
Current Price: $0.02 (coverage commenced Dec 7/12 - $0.075)
Pennant Energy Inc. has announced that it has received approval from the TSX Venture Exchange to the Farmout Agreement with Blackbird Energy Inc., whereby Blackbird has agreed to allow the company to earn a 30% working interest in certain lands and leases owned by Blackbird in Mantario area of West Central Saskatchewan. In order to earn its 30% interest, the company will pay to Blackbird, within 15 days of receipt of the approval of the Exchange, the following: (i) 50% of the land acquisition costs incurred to date including brokerage and transfer costs ($200,000 net estimated), and (ii) 50% of the 3D seismic program including geological and geophysical interpretation ($125,000 net estimated). In addition, the company has agreed to pay 50% of the drilling, completing, equipping and tie-in costs of the test well to earn the working interest.
Pennant Energy Inc. has announced that David Finn, a director of the company, died suddenly on July 15, 2013.
David served on Pennant's board of directors for almost 10 years and had a distinguished career in the oil & gas business for over 30 years.
Garth Braun, CEO of Pennant stated: We are deeply saddened to announce David's passing. David was a wonderful supporter and friend. He will be greatly missed. In his role as a director, his wealth of knowledge and expertise of the energy industry and his sage advice and guidance made an invaluable contribution to the Company. The directors and management of Pennant extend their heartfelt condolences to David's family during this difficult time.
Disclaimer: This article is for informational purposes only. The information contained within this article should not be construed as offering investment advice. Those seeking direct investment advice should consult a qualified, registered, investment professional. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The company profiled assumes no liability for the information presented. This is not a direct or implied solicitation to buy or sell securities. Readers are advised to conduct their own due diligence prior to considering buying or selling any stock. The author(s) owns directly or indirectly 773,500 shares and 450,000 options of Blackbird Energy Inc., 398,000 shares of Cobra Venture Corporation and 340,000 shares of Pennant Energy Inc. QIS Capital may have a financial relationship with these companies and may trade in the stocks mentioned. No stock exchange has approved or disapproved of the information contained herein. Copyright © 2003 - 2013 QIS Capital Corporation.