Blue Parrot Energy Inc. Announces New Land Base and Drilling Program.CALGARY, Alberta -- Blue Parrot Energy Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension .V:BPA BPA British Paediatric Association. )(Berlin:BPX BPX Business Process Expert BPX Business Process eXcellence (Delphi Group event) BPX Burning Plasma Experiment BPX British Petroleum Exploration BPX Broadband Packet Exchange BPX Bus Parcel Express (Canada) ) has entered into an agreement to acquire a 50% working interest plus operatorship of 9 sections (5760 gross acres) in east central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. from a consortium of owners. The remaining 50% working interest is being acquired by a private company partnering in the transaction. A 50% working interest in 4 sections of land with existing shut in wells is being transferred immediately allowing Blue Parrot the right to review the wells and determine whether or not they can be placed back on production. The vendors will retain an 11.5% non-convertible overriding royalty on the 4 sections of land. Blue Parrot has also agreed to participate as to 50% in the drilling of a test well on one of the remaining 5 sections to earn an undivided 50% working interesting in the remaining 5 sections subject to the reservation to the vendors of an 11.5% non-convertible overriding royalty. Drilling is expected to commence before year-end subject to rig availability. An additional 2 well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described program is also being designed to conduct additional exploration on the lands. This acquisition will constitute a new area of interest for Blue Parrot which is distinct from it's existing Bonnie Glen Cardium Unit. Bill Elligson, President is quoted as saying "this is an exciting, bright new development for the company to compliment its success at the Bonnie Glen Unit." Management continues to exploit the Bonnie Glen area and advises that work is underway to tie-in a glauconite glau·co·nite n. A greenish mineral of the mica group, a hydrous silicate of potassium, iron, aluminum, or magnesium, (K,Na)(Al,Fe,Mg)2(Al,Si)4O10(OH)2 well at its 6-17 location that tested 625 MCFD MCFD Ministry of Children and Family Development (British Columbia, Canada) MCFD thousand cubic feet per day MCFD million cubic feet per day MCFD Malta College of Family Doctors MCFD Multiple Coagulation Factor Deficiency . Additionally a pipeline is being designed to collect solution gas from several more of its producing cardium oil wells in the south end of the field. The Company has also entered into a new gas delivery contract with Fairborne Energy and necessary tie-in links are currently being designed to implement the delivery of the solution gas before the end of the year. The company recently announced the completion of the first tranche of it's current financing program, consisting of $2.1 million of flow-through shares issued at $.42 per share and $400,000 for the sale of units each consisting of a non-flow-through share issued at $.40 per share with a warrant permitting the purchase of an additional share at $0.60 for a two (2) year period. Blue Parrot management continues to explore new opportunities to enhance shareholder values. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release. |
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