Blackdog Resources Ltd.
TSX VENTURE : DOG

Blackdog Resources Ltd.

June 21, 2010 08:00 ET

Blackdog Resources Ltd. Agrees to Purchase Working Interests in Producing Light Oil Wells in Girouxville, Alberta

CALGARY, ALBERTA--(Marketwire - June 21, 2010) - Blackdog Resources Ltd. ("Blackdog" or "the Company") (TSX VENTURE:DOG) is pleased to announce that the Company has signed an agreement to purchase ("Agreement") non operated interests in 3 light oil wells from Guardian Exploration Inc. ("Guardian") in Girouxville, Alberta which is approximately 160 km northeast of Grande Prairie, Alberta.

Under the terms of the Agreement, Blackdog will pay Guardian $710,000 cash and 100,000 Blackdog common shares at a deemed price of $0.30 per share to receive a 55% Working Interest ("W.I.") in two producing Gilwood light oil wells and a 50% W.I. in one producing Slave Point light Oil well. The wells produce at a stabilized aggregate rate of approximately 90 barrels of oil per day ("bopd") net to Blackdog. The operator of the wells is a large Canadian public oil and gas trust company. In addition, the Company believes that the property has an additional seismically defined high impact Granite Wash light oil drilling location. The Company will have a 55% W.I. in this prospective location. Pending successful completion of the transaction, the Company intends to further investigate drilling an additional well later in 2010. 

The Company intends to close the transaction no later than July 15, 2010 with an effective date of June 1, 2010. The transaction is subject to the approval of TSX Venture and all other necessary regulatory approvals. 

ABOUT THE COMPANY

Blackdog Resources Ltd. is a junior oil and gas company headquartered in Calgary, Alberta that is focused solely on the acquisition and exploitation of light oil properties in Alberta and SaskatchewanBlackdog has 20,968,687 Common Shares outstanding.

This press release contains forward-looking statements. More particularly, this press release contains statements concerning: the receipt of TSX Venture, regulatory and board approvals of the transaction; the completion of the transaction; and management's assessment of future productive capacity of the properties. The forward-looking statements are based on certain key expectations and assumptions made by Blackdog including the timing of receipt of required approvals; the satisfaction of other conditions to the completion of the transaction; and the reliability of seismic and other data used to identify future drilling locations.

Although Blackdog believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that the required approvals are not obtained on terms satisfactory to the parties or at all, risks that other conditions to the completion of the transactions are not satisfied and risks that the seismic and other data pertaining to the properties is imprecise.

The forward-looking statements contained in this press release are made as of the date hereof and Blackdog undertakes no 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.

Neither the TSX Venture Exchange nor its Regulator Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.

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