BLACK ROCK PETROLEUM SIGNS LETTER OF INTENT TO ACQUIRE CALEDONIAN MIDSTREAM CORPORATION

7/4, 5:54 PM (Source: GlobeNewswire)

Quirk Creek, Caledonian’s Primary Asset, Comprises 14 Natural Gas Wells, 100 Pipeline-Miles and Processing Facilities

Los Angeles Ca , July 04, 2021 (GLOBE NEWSWIRE) -- Black Rock Petroleum Company (OTC: BKRP), a Nevada corporation (“Black Rock”), announced today it has entered an agreement to acquire Caledonian Midstream Corporation (“Caledonian”) an Alberta-based company and the owner/ operator of 14 producing liquids-rich natural gas wells at Quirk Creek, for a combination of cash and stock. Caledonian will become a wholly owned subsidiary of Black Rock upon completion of the transaction.

Caledonian’s primary asset is the Quirk Creek natural gas field in Millarville, Alberta. First discovered by Imperial Oil in 1970, today Quirk Creek comprises 14 producing wells, 65 miles of gathering pipeline and a licensed sour-gas processing facility.

Raw production at Quirk Creek has recently averaged approximately 12 MMcf/d, with natural gas sales averaging approximately 8.5 MMcf/d, approximately 475 barrels of natural gas liquids and 60 tonnes of molten sulphur per day. Total remaining recoverable natural gas associated with the Quirk Field are estimated at 49 Bcf on a proved plus probable producing basis.

The Quirk Creek plant is connected to the Plains Midstream Pipeline by a company-owned, 34-mile pipeline capable of transporting natural gas to market in Fort Saskatchewan Alberta, as well as the TC Energy Gas Transmission Pipeline, with routing through Southern Alberta, the interior of British Columbia and the Western United States, terminating in the Sacramento/San Francisco.

Zoltan Nagy, Chief Executive Officer of Black Rock, commented on the announcement, “Caledonian Midstream is a great fit for Black Rock. Demand for natural gas continues to grow, in Alberta and across North America, and the Quirk Creek property is perfectly situated to service those markets. Current production levels are good, but our engineers have looked at the property’s historical production records and analysed recent reserve evaluations, and I am confident we have the expertise, technology and resources to materially increase production and, in turn, the cash flow of the site.”

ABOUT BLACKROCK PETROLEUM

Black Rock Petroleum Company is an oil and gas exploration-stage company and a distributor of oil field equipment. The Company holds interest in Torrance California Oilfield. Torrance California Oilfield is a 520-acre development area situated in the Monterey Shale play with estimated minimum proved undeveloped reserves (PUD) recovery of five-17 million barrels (MMBbls). Torrance Petroleum Co is the wholly owned subsidiary of the Company.

To learn more about Black Rock Petroleum, please visit https://www.blackrockdrilling.com

Contact:
Zoltan Nagy, CEO
(778) 814-7729
Zoltan@starflick.com
Source: Black Rock Petroleum Co./ Torrance Petroleum Co.

Safe Harbour Statement: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934; and is subject to the Safe Harbour created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and as such are by definition subject to risks and uncertainties.

 


Zoltan@starflick.com 
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.