Blackhawk Resource Corp.

Blackhawk Resource Corp.

March 12, 2010 08:29 ET

Blackhawk Resource Corp. Announces Spud of First Well in Bodo Oil Program

CALGARY, ALBERTA--(Marketwire - March 12, 2010) - Blackhawk Resource Corp. ("Blackhawk" or the "Corporation") (TSX VENTURE:BLR) is pleased to announce that it has spud the first of two back to back wells on its Bodo property in the Provost area of Alberta. Bodo is a core area for the Corporation, where it holds approximately 4,220 net acres of land and has interests in four oil wells and one gas well.

The BLR Bodo #1 well is a 750 metre vertical well targeting bypass oil pay in the Colony Formation. The location was chosen based on seismic data and offset well logs. The Corporation anticipates that the drilling and completion for this well will take approximately seven days. The Corporation has identified six follow-up drilling locations that are contingent upon the successful completion of the BLR Bodo #1 well.

The second of Blackhawk's first quarter wells is expected to be spud within the next two weeks, provided weather conditions remain favourable. BLR Bodo #2 will be drilled to a vertical depth of 750 metre with a 600 metre horizontal leg. The BLR Bodo #2 well is targeting oil in the Sparky Formation and is expected to require 11 days to drill and case. This location was also chosen based on 3-D seismic and offsetting well logs. In the event of a successful well, it is anticipated that the completion of the horizontal leg in the Sparky zone will require a multiple fracture stimulation which will be performed as soon as possible.

Trading in the securities of the Corporation should be considered highly speculative.

Statements in this press release may contain forward-looking information including expectations of future operations, commerciality of any gas discovered, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

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

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