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MARKET
CONDITIONSBLACKBIRD
LIFE CYCLE
BLACKBIRD VALUE
PROPOSITION
LARGE,
CONTIGUOUS
LAND BLOCK
125 GROSS
SECTIONS
EGRESS AND
MARKET
ACCESS
DELINEATED
DRILLING
SUCCESS
CASH ON
HAND
≈$71.8 MM
Alberta
Jurisdicti
on
Operating
History
Social
License
Area
Activity
= Primary value drivers
= Secondary value drivers
A Confluence of Positive Factors
TSX-V: BBI2
• Industry continues to face increasing challenges making it more difficult for domestic companies to attract
capital and sustain material capital appreciation
– Oil prices lack visibility and direction
– Canada, BC Government has “moved to the left”
– Carbon tax cost burdens, regulatory red tape
– Uncertainty over major energy infrastructure
– BC’s NDP-Green Alliance scrutinizes energy & water use
Blackbird Mitigates the Macro Issues
✓ Unique NAV based valuation
✓ Social license (>100K ) )
✓ Superior economics (>80% IRR) combat cost creep
✓ Negotiating egress and takeaway
✓ Grande Prairie – THE fastest growing in Alberta
✓ Uniquely positioned as an Alberta pure-play
✓ AB’s new United Conservative Party merges
Financial Post, July 20, 2017
Alberta has never looked so (relatively) appealing!
TSX-V: BBI3
ProsCons
Sasol – Talisman
$1,050 MM
PETRONAS – Progess
$5,500 MM
Black Swan – Carmel Bay
$200 MM
Birchcliff – Encana
$625 MM
7 Gen – Paramount
$1,900 MM
Tourmaline – Shell
$1,369 MM
Painted Pony – UGR
$277 MM
Paramount – Trilogy
$1,070 MM
INDOIL – Petronas
$1,000 MM
Kogas – Encana
$565 MM
Sanling – Paramount
$150 MM
ORLEN – Kicking Horse
$356 MM
Kelt – Capio
$165 MM
ExxonMobil – Celtic
$3,071 MM
Tourmaline – Huron
$258 MM
Pengrowth – Monterey
$375 MM
ARC – Storm
$680 MM
Contact – Donnycreek
$180 MM
Tourmaline – Cabot
$102 MM
Progress – Talisman
$1,500 MM
CNRL – Barrick
$173 MM
Enerplus – RMP
$114 MM
Mitsubishi – Encana
$2,900 MM
Paramount – Apache(1)
$1,238 MM
Montney Land is Scarce; Activity is Rich
TSX-V: BBI4
BC
AB
Notes: (1) Calculated as the combination of cash acquisition price and estimated assumed liabilities based on
industry research detailed on page 8 of the Blackbird corporate presentation
Industry Activity is Exploding in the Pipestone Corridor
• Seven Generations acquisition of Paramount Kakwa
– Sets a new high for undeveloped Montney land at $6.1 MM
per section
• Paramount acquisition of Apache Montney
– Pipestone Montney upside outweighs spending $460 MM
and assuming >$775 MM in liabilities
• ORLEN acquisition of Kicking Horse
– The ultra liquids-rich Montney continues to lure new
international capital investment at a premium
• Contact acquisition of Donnycreek
– Juniors merged to achieve the scale required to lure a larger
buyer to better finance efficient development
Blackbird Pipestone – One of the Most Actively Drilled Corridors in Canada
All Eyes on the Pipestone CorridorThe Highest Value Montney A&D Directly Offsets Blackbird
• Industry plans a major infrastructure investment at Pipestone
through 2020
– Five sour processing facilities & various condensate
pipelines already sanctioned or in FEED stages
– E&P’s require scale to strike a long term take-or-pay with
midstreamers – consolidation is upcoming
• NuVista plans >120 wells on 11 sections three miles west of
Blackbird – stacked pay boosts full-cycle economics
• Encana’s “Cube” development reduces costs and improves
economic recovery factors
– The Cube “will become the industry standard for stacked
pay development”, Doug Suttles, Encana, Pres. & CEO
Paramount’s acquisition of Apache Montney
for $460 MM and $775 MM in liabilities
Velvet’s eastern-most well confirms the
volatile oil window is prospective, validating
all of Blackbird’s lands
Pipestone has been actively licensing and
spudding wells
Three non-operated Blackbird wells extend
the fairway to the east
New Blackbird drill to the north will validate
the northern Wapiti lands
TSX-V: BBI5
BIR Worsley Assets
3,600 boe/day
Charlie Lake
Insignia
2,403 boe/d
Montney Gas
NAL Assets
2,442 boe/d
Dry Gas
CVE Pelican Lake Assets
20,100boe/d
Heavy Oil
CR Assets
2,063boe/d
Heavy Oil
BNP Assets
5,417boe/d
Dry Gas
Cequence Assets
1,715 boe/day
Dry Gas
Sydco
1,223 boe/d
Corporate
CVE Weyburn Assets
1,500 boe/day
Conventional Oil
CVE Palliser Assets
53,000 boe/day
Conventional Medium Oll
Note: Only corporate deals / assets with > 1,000 boe/d are shown
CVE Suffield Assets
26,400 boe/d
Dry Gas
Canadian Spirit
166 boe/day
Dry Montney Gas
Avalon
268 boe/d
Heavy OilSpry2
628 boe/d
Viking
Rife Kakwa Assets
2,000 boe/day
Montney Gas
No Quality Montney Assets For Sale
Tangle Creek
5,800 boe/d
Dunvegan
Imaginea
5,500 boe/day
Conventional Medium Oll
CPG Sounding Lake Assets
1,500 boe/d
Conventional Medium Oll
Federated Co-op Assets
5,279 boe/d
Conventional Oll
TSX-V: BBI6
TSX-V:
BBI7
BBIEncana
NuVista
Paramount
Shell
CIOC
Sinopec
Encana 2-15, Upper, Cum.
TD: 2.1 Bcf, 32 Prod. Mths*Encana 14-1 Pad, I.P.
2,000 Boe/d, (56%
Condensate)
** Oct 5, 2016
Encana 12-25, Upper, Cum
3.3 Bcf in 24 Prod. mths*
Pipestone 13-22 Upper,
72 hr Test 3.6 MMcf/d &
1000 Bbls
condensate/day*
BBI 6-26 Middle, 900 – 1,050
Boe/d Calculated Test Rate
(133 Bbls/MMcf liquids) **Mar 4,
2015
BBI Non-Operated Wells
POU(2) 02/1-16, Middle
CGR: 178 (60 hr Prod Test*)
Kelt Lands, Jan 18,
2017
Shell 61 Montney Hz
Licenced
(60% increase from 2016),
43 Drilled (39% increase from
2016)
Mid Montney 15-12-67-5W6
IP 180: CGR Avg 227
Bbls/MMcf @ 2.5 MMcf/d
POU 9-23 Test, (CGR 187*)
10.6 mmcf/d, 2,000 bbls/d,**Nov
3, 2016
NuVista Key Wells
4 Middle Montney Hz with
Max 1,635 Boe/d
2 Upper Montney, Max 146
Bbls/MMcf of C5+
1 Lower Montney Strat Test
with CGR of 133
** Jan 2017
Pipestone 5-26
222 Bbls/MMcf (3)
CNRL 13-7, Middle
299 Bbls/MMcf, (3)
15-11 Drilled & 14-4
Montney Hz Licenced
Sinopec
Drld 4-32
BBI 2-20-70-6W6, 379 bbls/d
Oil, See Slide 11 for Test DataShell
Kelt
Pipestone
5 drilled
BBI
NV
A
Encana, Upper, 02/5-26,
cum 1.8 Bcf in 9.2 Prod.
mths*
BBI 2-20 Middle: 1,768 Boe/d
(6.8 MMcf/d, 641 Bbls/d
liquids), Last 24 hrs of Prod.
Test
RMP
Velvet
The Pipestone Corridor – Intense Activity
Notes: *Public data within Montney Resource Play as of Aug 8, 2017, “Prod. Mths” is actual producing hours / 720 hours per month
** Corporate Presentations; Represents analogous information. See “Analogous Information” in Advisories. (2) Paramount announced the acquisition of these
assets on July 6, 2017 and the transaction is expected to close in August, 2017. (3) unknown number of hours, condensate and gas volumes only in first month
reported production
Note: CNRL 12-2 well has 10 months reported production, but no breakdown of hours per month
CNRL
Drld
4-28
Kelt Hz Lic.
BBI 5-26 Upper, 0.9 Mmcf/d,
341 Bbls/MMcf liquids (48 hr
Prod. Test)
CNRL 12-2
303 Bbls/MMcf (10 mths
production)
Drilled Encana 1-19,
02/1-19, 1-3 & 8-3, Upper
BBI Mapping of Upper Montney Condensate Corridor (2)
The Pipestone Liquids-Rich Corridor
Encana’s Mapping of Liquids-Rich Corridor (1)
BBI Mapping of Middle Montney Condensate
Corridor (2)
Source: (1) Encana May 17, 2016 Montney Investor Event Presentation (slide 49); (2) Internal mapping by Blackbird; Represents analogous
information. See “Analogous Information” in Advisories.
~63 Gross (~57.8
net) sections in
Encana’s Super
Condensate
Corridor (2)
TSX-V: BBI8
The Pipestone Liquids-Rich Corridor
Note: Sourced from Accumap.
A A’Four distinct intervals
Doig/Upper
Montney
Upper
Montney
Middle
Montney
Lower
Montney
10-4-7-8W6 13-22-70-8W6 6-21-70-6W68-25-70-7W602/10-8-70-
7W6
Potential Turbidites
in Lower Montney
Gamma Ray (Green), Bulk Density (Gray)
2
0
0
m
6
5
6
F
t
ECA 4-9 CNOR 13-22 BBI 02/2-
20BBI 5-
26
BBI 2-20 BBI 6-26BBI 2-20
East
A’A
TSX-V: BBI9
Blackbird’s Pipestone Resource
Blackbird’s Lands with Proved + Probable Reserves Booked
Blackbird’s Lands with Proved Reserves Booked
Blackbird’s Lands with Contingent Resources
8 sections booked
(7.3% of land booked)
1P Reserves: 30,525
mboe
1P NPV10: $204 million
12 sections booked
(11.0% of land booked)
2P Reserves: 59,169
mboe
2P NPV10: $455 million
~21.5 sections booked
19.7% of land booked
2C Resources: 53,818
mboe
2C NPV10: $437 million
3C Resources: 64,675
mboe
3C NPV10: $547 millionReserves and Resources Booked in Only Two of
Four Highly Prospective IntervalsNote: (1) From Blackbird’s March 1, 2017 reserve report prepared by Blackbird’s independent reserves evaluator, McDaniel and Associates Consultants Ltd.
TSX-V: BBI10
Company RMP BBI PONY DEE BIR CKE LXE CR SRX VII AAV TOU NVA POU KEL ARX
Price ($/sh.) $0.58 $0.33 $3.88 $1.09 $5.64 $0.31 $1.86 $3.74 $3.92 $17.73 $8.42 $25.38 $6.48 $21.02 $6.05 $16.44
PDP NPV10(1) $77 $33 $830 $128 $1,877 $27 $10 $459 $317 $1,991 $721 $3,962 $388 $1,224 $423 $2,585
Net Debt(2) $25 ($74) $240 $74 $664 ($24) ($49) $260 $98 $1,592 $159 $1,695 $138 $439 $147 $445
PDP NAV ($MM) $52 $107 $590 $54 $1,213 $51 $59 $199 $219 $399 $562 $2,267 $250 $785 $276 $2,140
Current EV ($MM) $113 $168 $865 $275 $2,167 $43 $324 $810 $571 $7,829 $1,717 $8,527 $1,257 $2,671 $1,210 $6,255
Value Ascribed to Land ($MM) $36 $135 $34 $147 $290 $16 $314 $351 $254 $5,838 $996 $4,565 $869 $1,447 $787 $3,670
Implied Value ($MM/section) $0.2 $1.2 $0.1 $1.3 $0.7 $0.3 $1.7 $0.8 $1.6 $7.3 $5.6 $12.0 $4.7 $2.0 $1.2 $3.1
Montney Sections 156 109 314 110 441 59 183 446 155 803 178 380 183 719 652 1,200
Undeveloped Locations 500 1,301 2,938 224 5,558 425 645 998 753 4,600 1,100 14,713 465 2,047 574 5,602
NPV/Well ($MM/well) $5.9 $6.7 $6.7 $8.9 $4.8 $3.1 $6.7 $4.0 $4.8 $7.0 $6.4 $7.5 $6.6 $5.3 $4.5 $4.3
Risked Exploration NAV (RENAV) ($MM) $576 $1,343 $3,156 $854 $5,354 $235 $949 $1,269 $902 $11,000 $2,564 $11,232 $1,499 $2,985 $1,358 $5,519
Shares Outstanding (MM)(3) 151.0 745.0 161.0 184.5 266.4 216.4 200.4 147.1 120.8 351.8 185.1 269.2 172.8 106.2 175.8 353.4
Per Share ($/sh.) (3) $3.82 $1.80 $19.60 $4.63 $20.09 $1.09 $4.73 $8.63 $7.47 $31.27 $13.85 $41.73 $8.67 $28.11 $7.73 $15.62
Price / RENAV (x) 0.2x 0.2x 0.2x 0.2x 0.3x 0.3x 0.4x 0.4x 0.5x 0.6x 0.6x 0.6x 0.7x 0.7x 0.8x 1.1x
0.0x
0.2x
0.4x
0.6x
0.8x
1.0x
1.2x
RM
P
BB
I
PO
NY
DEE BIR
CKE LX
E
CR
SRX
VII
AA
V
TOU
NV
A
PO
U
KEL
AR
X
P /
REN
AV
RENAV Comparables
(1) As per 2016 year end reserve reports(2) Net debt as per most recent disclosures adjusted for Cormark corporate finance estimates(3) Assumes basic shares outstanding
Blackbird is valued at one of the greatest discounts to its RENAV within the Montney peer group
RENAV Comparables
TSX-V: BBI11
Blackbird Expected Type Curves (1)
0
500
1,000
1,500
2,000
2,500
3,000
1 2 3 4 5 6 7 8 9 101112131415161718192021222324
Gas R
ate
(M
cf/
d)
Production Month
Raw Gas Type Curve
0
50
100
150
200
250
300
1 2 3 4 5 6 7 8 9 101112131415161718192021222324Condensate
Rate
(B
bls
/d)
Production Month
Wellhead Condensate Curve
0100200300400500600700800900
1,000
11
22
3
34
45
56
67
78
89
100
111
122
133
144
155
166
177
188
199
210
221
232
243
254
265
276
EU
R (
Mboe)
Production Month
Raw Expected Ultimate Recovery
Raw Gas Type Curve Wellhead Condensate Type Curve
Raw Expected Ultimate Recovery
Note: (1) All Blackbird type curve, EUR, IRR reserves and NPV10% data from Blackbird’s March 1, 2017 reserve report prepared by Blackbird’s independent
reserves evaluator McDaniel and Associates Consultants Ltd., see Advisories. (2) From slide 21 of Encana April 2017 Montney update. (3) Represents analogous
information. See “Analogous Information” in Advisories.
Blackbird EUR: 884 mboe
Expected Btax IRR: ~60%
Expected 2P NPV10%: $7.1
million
Type Well Metrics –
Encana Net (2) (3)
Atax IRR (%) 120
Encana’s Pipestone Type-Curve (2) (3)
TSX-V: BBI12
IP 30, IP60, IP90
Well
Montney
Interval
Raw
Gas(2)
Sales
Gas(3) Condensate(3) NGLs(3)
Total
Liquids(3)
Total
Sales(3)
CGR
C5+/Raw
(mmcf/d) (mmcf/d) (bbls/d) (bbls/d) (bbls/d) (boe/d) (bbls/mmcf)
5-26-70-7W6 Upper 1.37 1.31 293 19 312 530 214
2-20-70-7W6 Middle 2.15 1.85 274 21 295 604 127
102/2-20-70-7W6(4)Upper 0.58 0.49 69 6 75 157 119
6-26-70-7W6 Middle 0.74 0.65 181 13 194 302 245
IP30 RESULTS (1)
Notes:(1) First 720 hours of production excluding third party gas processing plant shut-downs of approximately 33 days and other periods where the wells were shut-in. (2)
Based on field-estimated production data. (3) Based on actual sales data. (4) Based on camera run performed, management estimates that this well was producing through a
limited number of stages due to mechanical issues experienced in the wellbore during completion operations. Management is unable to determine the number of producing
stages. Management believes that these results may not be indicative of the well’s production potential.
Well
Montney
Interval
Raw
Gas(2)
Sales
Gas(3) Condensate(3) NGLs(3)
Total
Liquids(3)
Total
Sales(3)
CGR
C5+/Raw
(mmcf/d) (mmcf/d) (bbls/d) (bbls/d) (bbls/d) (boe/d) (bbls/mmcf)
5-26-70-7W6 Upper 1.17 1.09 224 19 243 425 191
2-20-70-7W6 Middle 2.59 2.31 254 28 282 667 98
6-26-70-7W6 Middle 0.58 0.50 130 10 140 223 224Notes:(1) First 1,440 hours of production excluding third party gas processing plant shut-downs of approximately 33 days and other periods where the wells were shut-in. (2)
Based on field-estimated production data. (3) Based on actual sales data.
IP90 RESULTS (1)
IP60 RESULTS (1)
Well
Montney
Interval
Raw
Gas(2)
Sales
Gas(3) Condensate(3) NGLs(3)
Total
Liquids(3)
Total
Sales(3)
CGR
C5+/Raw
(mmcf/d) (mmcf/d) (bbls/d) (bbls/d) (bbls/d) (boe/d) (bbls/mmcf)
5-26-70-7W6 Upper 1.17 1.08 200 20 220 400 171
2-20-70-7W6 Middle 2.72 2.45 245 31 276 684 90
Notes:(1) First 2,160 hours of production excluding third party gas processing plant shut-downs of approximately 33 days and other periods where the wells were shut-in. (2)
Based on field-estimated production data. (3) Based on actual sales data.
TSX-V: BBI13
2-20 (Surface 11-9) Eastern Step-Out Test
Well
Montney
Interval
Average
Flowing
Casing
Pressure Raw Gas Oil
Total Combined
Production
(kPa)(2) (mmcf/d)(3) (bbls/d)(3) (boe/d)(3)
2-20-70-6W6(1) (4) Middle 2,499 0.24 395 436Notes:(1) Based on camera run performed, management estimates that this well was producing through a limited number of stages due to mechanical issues
experienced in the wellbore during completion operations. Management is unable to determine the number of producing stages. Management believes that
these results may not be indicative of the well’s production potential. The 2-20 (surface 11-9) well flowed on clean-up for a total of 111 hours. (2) The 2-20
(surface 11-9) well produced through a 14.3 millimeter choke at the beginning of the final 24 hour test period and a 25.4 millimeter choke at the end of the
final 24 hour test period. At the end of the 24 hour test period, the flowing casing pressure was 2,205 kPa. (3) The 2-20 (surface 11-9) well average rates
over the final 24 hours of the test. (4) The 2-20 (surface 11-9) well produced an average of approximately 1,399 bbls of water per day over the final 24 hours
of the 111 hour production test.
Contingent
Resources(1)
Reserves (1)
Note: (1) From Blackbird’s March 1, 2017 reserve report prepared by Blackbird’s independent reserves evaluator, McDaniel and Associates Consultants Ltd.
TSX-V: BBI14
Drilled and Tested Non-Operated #1, 14-30
(17.9% WI)
Drilled &Completed, Non-Operated Well #2, 13-04 (37.5% WI)
Completed Well
Location
U. Montney
M. Montney
Development and Delineation Program
Northern Multi-Interval
Delineation Block
(Tie-In ~2019)
Western Development
Block
(Tied-In)
Drilled/Awaiting Completion 102/6-26 (100% WI)
Drilled & Completed, Non-Operated Well #4, 9-20 (20% WI)
Drilled/Awaiting Completion 2-28-70-7W6 (100% WI)
Spudded Aug 6, 1-20 (100% WI)
TSX-V: BBI15
Drilled & Completed Non-Operated Well #3, 3-17 (20% WI)
Eastern Multi-Interval
Delineation Block
(Tie-In ~Q1 2018)
Current Well Summary
Well
Operated or Non-
Operated
Working
Interest
(%)
Montney
Interval
Measured
Depth (meters)
Lateral
Length
(meters) Status
6-26-70-7W6 Operated 100 Middle 4,734 2,052 Producing
5-26-70-7W6 Operated 100 Upper 4,621 1,951 Producing
2-20-70-7W6 Operated 100 Middle 4,660 2,008 Producing
102/2-20-70-7W6 Operated 100 Upper 4,598 2,049 Producing
15-21-70-7W6 Operated 100 Upper 4,120 1,500To be Recompleted in Aug/Sept
2017
2-20-70-6W6 Operated 100 Middle 4,885 2,256 To be Recompleted Mid Sept
14-30-70-7W6 Non-Operated 17.9 Upper 5,350 2,861 Drilled, Completed and Tested
13-04-70-6W6 Non-Operated 37.5 Middle 5,615 3,056Drilled & Completed, to be Tested
Near-Term
3-17-70-5W6 Non-Operated 20 Middle 5,320 2,876Drilled & Completed, to be Tested
Near-Term
9-20-70-5W6 Non-Operated 20 Middle 5,600 3,000Drilled & Completed, to be Tested
Near-Term
02/6-26-70-7W6 Operated 100 Upper Drilled/Awaiting Completion in August, 2017 (14-14 Pad)
2-28-70-7W6 Operated 100 Upper Drilled/Awaiting Completion in August, 2017 (11-15 Pad)
1-20-70-7W6 Operated 100 Upper Spudded Aug 6 , 2017 (10-8 Pad)
TSX-V: BBI16
JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
Development
02/2-20
On-Stream
15-21
Recompletion
02-20
Recompletion
New/enhanced
GHA(s)
02/6-26
Completion and On-Stream
02-28
Completion and On-Stream
01-20
Spud, Completion and On-Stream
Five additional sour gas processing facilities and/or expansions
planned
INCREASING
CORRIDOR
MOMENTUM
Significant industry well activity
Reinforces the team as “value creators”
Blackbird positioned to commit to
multiple non-binding GHAs in 2H
2017
Validate the strategic
appeal of Stage and the
integrity of the reservoir
rock
Moving Forward with a Clear Path
2017
07-27
Spud, Completion and On-Stream
Continued roll-out of Stage to garner international
attention
TSX-V: BBI17
5-26 in 36.6 Days, D $4.4 mm
6-26 in 46.3 Days, D $5.6 mm2-20 in 24.9 Days, D $3.3 mm
102/2-20 in 21.4 Days, D $2.6 mm
15-21 in 25.3 Days, D $2.6 mm
2-20-70-6W6 in 31.3 Days, D $3.3 mm
102/6-26 in 28.3 Days, D $2.6 mm2-28 in 23.0 Days, D $2.5 mm
0
1000
2000
3000
4000
5000
0 5 10 15 20 25 30 35 40 45 50
Me
ters
Days
BlackBird Days vs. Depth
BlackBird HZ Elm 5-26-70-7W6
BlackBird HZ Elm 6-26-70-7W6
Blackbird HZ Elm 2-20-70-07W6
Blackbird 102 HZ Elm 2-20-70-07W6
Blackbird HZ Elm 15-21-70-07W6
Blackbird HZ Elm 2-20-70-06W6
Blackbird HZ Elm 102/6-26-70-07W6
Blackbird HZ Elm 2-28-70-07W6
Consistent Decrease in Drill times
46.3 to 21.4 days
TSX-V: BBI18
Benefits to BBI Through Investment
• System at cost plus an admin fee
• Preferential access
• Participant in disruptive and leading edge
technology
Stage’s Bowhead II Technology is designed to
achieve the following benefits:
Pinpoint fracturing
Longer Laterals and Increased
Stages
Asset in the Wellbore
Reduced Cost
Pinpoint Fracturing
Longer Laterals and Increased
Stages
Higher Rates and Tonnages
Asset in the Wellbore
Reduced Risk
Reduced Cost
(Drilling and
Completions)
Driving Innovation with Stage Completions
Blackbird owns a 10% indirect interest in
Stage Completions Inc. (“Stage”)
Stage Completions Inc. is a downhole
technology company focused on providing
innovative completion solutions
SC Bowhead II: Collet-activated fracturing
sleeve system designed for cased hole and
open hole applications – Enhanced Gen 4.
XS System
• Blackbird will use Generation 4 XS
System on 102/6-26 well, to be
completed in August, 2017
TSX-V: BBI19
Completion
Program #1(5-26 and 6-26)
Plug & perf cluster
Slickwater
~2,700 tonnes of proppant
1.4 tonnes / meter of proppant
40 meter cluster spacing
Completion
Program #2(2-20)
Sliding Sleeve
CO2 (largest in N.A.)
~2,223 tonnes of proppant
1.1 tonnes/ meter proppant
28.5 meter spacing
BBI 2017 Version 4.0
53 Stage Slickwater
~2.0 tonnes / meter
proppant
>4,000 tonnes
20 Days 20 DaysStage Completions Sliding Sleeve
Completion Optimization
Sub 5 Day Programs
Higher Tonnage + Reduced Pump Time = Increased EUR and NPV
TSX-V: BBI20
2 years <1 year
D&C
$10mm $5.5mm
Innovation: Stage
↑NPV
↑EUR
Value Delineation Curve / Acceleration
Value
High Risk Time
Initial Production Ramp Up
BBI
BBI: 0 – 108.9 net sections
20 – 260 wells in corridor
CGR’s > 300 Bbls/MMcf (1)
The Next StepsHigh Impact
Development and Delineation
Program
Increased Processing / Take-
away
Production Growth Through Expanded Egress
Continued Land Aggregation
Pilot Plant10 mmcf/d
Non-Binding
GHA
$84.8 mm Raised
Reserve Build
Lower Risk
3 years Near - Term
$2 mm
$260 mm
Notes: (1) Based on regional test data.TSX-V: BBI21
Transformation 2016 to Aug 2017
What are we going to accomplish ? What did we accomplish?
D&C an Upper Montney well in Q3 2016
(sub 24 day drill) + further delineation by
Blackbird and peers
✓ Drilled Upper Montney BBI 102/2-20-70-
7W6 in 21.4 days, 80 wells drilled in the
Pipestone Corridor since Jan 1, 2017, 10
of which Blackbird drilled (6) or
participated in (4)
Add additional acreage in the Elmworth
“Super Condensate” corridor
✓ Increased Elmworth land to 125 Gross
(108.9 Net) sections (80,000 acres) – low
cost approach continued (added 41.25
gross, 21.15 net sections) 30% increase
in net sections
Develop Infrastructure: Battery, and
gathering system – commencement Q3
2016
✓ January 11, 2017 Blackbird announced
that it completed the construction of its
100% owned and operated Pipestone /
Elmworth Facility and Gathering System
Utilize Stage completions to become a
leader in innovative completions
✓Moved to Generation 4 Bowhead system
Maintain balance sheet strength ✓Working capital of $71.8 million at April
30, 2017
Move to Cash Flow in Q4 2016 ✓ $3.3 million during the three months
ended April 30, 2017;TSX-V: BBI22
• Corporate Social Responsibility is critical to gain social
license to operate in any community
• Tree Planting Program: focused on reclaiming boreal forest and
replacing trees we take down;
• Planted 101,579 trees to date!
• Thank you Cormark, Pareto, TD, BMO, Scotia, Laurentian, &
Jett Capital
• Goal: 200,000 trees
• Movement to reduce flare volumes
• Reduction in water usage through technology
• Boring vs. cutlines
• Mitigation of traffic impact
• Extensive community consultation
• Noise mitigation
• Our plan gives us a significant competitive advantage as
we develop our resource – this is also the right way to
do business
Corporate Social Responsibility
TSX-V: BBI23
Common Share Trading
Symbol
TSX-V: BBI
Warrant Trading Symbol TSX-V:
BBI.WT
Shares Basic
Fully Diluted
Insider Holdings (1)
Market Capitalization
52 Week Range (06/30/2017)
Share Price (06/30/2017) $0.36
~745 mm
~963 mm
~18%
~$268 mm
$0.13 - $0.72
Notes: (1) Includes shares owned in third party portfolio that is managed by board member. (2) At April 30, 2017, unaudited.
Gross Acreage 125 sections
(80,000 acres)
Net Acreage 108.9 sections
(69,696 acres)
Cash (2) ~$71.8 mm
Corporate Snapshot
TSX-V: BBI24
Finance Operations Geology
Land
Garth BraunChairman, CEO & President
Ron SchmitzInterim CFO and Director
Travis Belak, CASenior Financial Accountant
Jeanette VanderveenOperational Accountant
Don Noakes, P.EngVP Operations
Craig Wiebe, P.GeoVP Exploration
Josh WylieVP Land
John BooneLandman
Arlene FurjanicSenior Land Analyst
Paul GoodmanManager, Completions & Production
Brad PetersonMarketing
Laura ShandroProduction Accountant
Ralph Allen, P.GeoVP Geosciences
Robert SzumilasSupervisor, Drilling & Completions
David Mills, P.EngManager, Facilities Engineering
Appendix: The TeamLeadership
TSX-V: BBI25
Name & Title Experience
Garth Braun
Chairman, CEO and
President
Garth Braun is a seasoned oil and gas executive with over 13 years of oil and gas experience combined with 30 years of diversified business experience in
finance and real estate. Over the past several years, Mr. Braun has led Blackbird Energy Inc. through the successful acquisitions of two E&P companies,
the divestiture of non-core Montney assets, the accumulation of its Montney land at Elmworth and the drilling of Blackbird's Elmworth Montney wells. Mr.
Braun was instrumental in raising approximately $165 million of capital for Blackbird Energy Inc. Mr. Braun was previously the Chairman and Chief
Executive Officer of an international oil and gas company, an investment banker and a principal of a private real estate development company that
completed over $1 billion in real estate development. Mr. Braun is also a founder and director of Stage Completions Inc., an innovative downhole
completions company.
Don Noakes, P.Eng.
Vice President Operations
Don has over 30 years of experience in drilling, completions and exploitation focused on unconventional resource plays. Don was previously responsible for
multi-rig drilling and completion programs targeting unconventional reservoirs in the Alberta Montney. Don has been part of teams at Murphy Oil, Mosaic
Energy, APL Oil and Gas, Bow Valley Energy and Culane Energy.
Craig Wiebe, P.Geol.
Vice President
Exploration
Craig has over 20 years of experience in both exploration and development, the majority targeting unconventional resources plays. Craig was previously
involved with establishing a dominant position in a multi-TCF gas play for a major oil and gas E&P company. Craig has been part of teams at Encana,
Amber, Grad and Walker, Standard Energy, Capio Exploration and Saguaro Resources.
Ron Schmitz
Interim Chief Financial
Officer and Director
Mr. Schmitz is the Principal and President of ASI Accounting Services Inc., which has provided administrative, accounting and office services to public and
private companies since July 1995. Mr. Schmitz has served as a Director and/or Chief Financial Officer of various public companies since 1997, and
currently holds these positions with various public and private companies.
Ralph Allen, P.Geo.
Vice President
Geoscience
Ralph is a Professional Geologist with over 35 years of experience in the Western Canadian Sedimentary Basin. Ralph was previously an educator on shale
for companies such as Chevron, Shell, Marathon and Statoil globally and has worked for numerous E&P companies in Calgary.
Paul Goodman
Manager, Completions
Paul has over 28 years of experience in stimulation and completions focused on unconventional resource plays. Paul was previously responsible for multi-
pad completions programs and the business line aspect of fracturing operations targeting unconventional reservoirs in the Alberta Montney. Paul has been
part of teams at Encana, Sanjel and Halliburton.
David Mills
Manager, Facilities
Engineering
David is a Professional Engineer with over thirty years of varied oil and gas experience. Prior to joining Blackbird, David was responsible for the design,
construction and start-up of Mosaic Energy’s Kakwa / Jayar 50 mmscfd sour and liquid stabilization gas plant, gathering system, and wellhead facilities.
Prior to Mosaic Energy, David was responsible for the design, construction, start-up and expansion of Crew Energy’s Septimus 60 mmscfd sweet gas plant,
gas gathering system and wellhead facilities. Prior to these companies, David held senior positions with Canetic Resources, ConocoPhillips, Imperial Oil
and Qatar Liquefied Gas Company.
Joshua Wylie
Vice President, Land
Joshua is a Petroleum Landman with over seven years of experience working with junior exploration and production companies. Joshua has been
instrumental in assembling Blackbird’s core Elmworth land position and was a key team member in the acquisition of a processing agreement for Blackbird’s
Elmworth Montney gas and a firm gas take away agreement in the Alliance pipeline to Chicago. Joshua is a member of the Canadian Association of
Petroleum Landmen.
Appendix: Management
TSX-V: BBI26
Appendix: Reserves
(1) Includes field condensate. (2) The Reserve Report contemplates 46 undeveloped 1P drilling locations. (3) The Reserve Report contemplates 70 undeveloped 2P drilling locations.
(4) Drilling and completions cost per location contemplated in the Evaluations is $6 million. (5) Total undiscounted 2P capital expenditures contemplated in the reserve report amount to $515 million.
(6) The Evaluations contemplate an expected ultimate recovery of 801,000 boe per undeveloped location (46% NGLs). (7) Blackbird has a 100% working interest in the lands associated with the reserves and contingent
resources.
(8) Blackbird expects to recover natural gas and NGLs. (9) “See Forward-Looking Statements or Information and Additional Advisories” on Slide 2” for a discussion regarding the risks and the level and uncertainty associated with
contingent resources. (10) All of the contingent resources discussed above are located at the Company’s Pipestone / Elmworth Montney project where ongoing development drilling is already occurring. (11) Project maturity
subclass development pending is defined as contingent resources where resolution of the final conditions for development is being actively pursued (high chance of development). (12) Contingent resources for Pipestone have
been estimated based on the continued drilling in Blackbird’s active core asset and the associated pre-development study using established recovery technologies. The estimated cost to bring these contingent resources on
commercial production is $562MM and the expected timeline is between 1 and 6 years. The specific contingencies for these resources are corporate commitment, development timing and uncertainty on additional required gas
processing and takeaway capacity.
Natural Gas
Natural Gas Liquids (1)
Total Oil Equivalent NPV 10% NPV 10%
Reserves Category Mmcf Mbbls MBOE $000s $/BOE
Proved Developed Producing 5,215 848 1,717 33,002 19.22
Proved Non Producing 2,012 278 613 10,718 17.48
Proved Undeveloped (2) (3) 92,539 12,773 28,196 160,375 5.69
Total Proved 99,766 13,898 30,526 204,095 6.69
Probable Developed Producing 1,785 294 592 10,598 17.93
Probable Non Producing 594 89 188 2,973 15.82
Probable Undeveloped (3) 89,834 12,892 27,864 237,353 8.52
Total Probable 92,213 13,274 28,643 250,924 8.76
Total Proved Plus Probable (4) (5) (6) (7) 191,979 27,172 59,169 455,018 7.69
Contingent Resources Development Pending (Risked) (4) (6) (7) (8) (9) (10) (11) (12)
1C 135,188 18,659 41,190 277,344 6.73
2C 175,079 24,638 53,818 436,509 8.11
3C 212,160 29,315 64,675 547,410 8.46
TSX-V: BBI27
Forward‐Looking Statements or Information and Additional Advisories
Certain statements included in this presentation constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for thepurpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as makinginvestment decisions. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting futureoutcomes or statements regarding an outlook. Forward-looking statements or information concerning Blackbird Energy Inc. (“Blackbird” or the “Company”) in this presentation may include, but are not limited to, statements orinformation with respect to: guidance, forecasts, and related assumptions; the potential value of Blackbird's assets in the context of the current Paramount/Appache transaction; present and future industry activity in the PipestoneCorridor; the attributes and potential of the Montney; the number of prospective Montney intervals on Blackbird’s lands; Blackbird's valuation at one of the greatest discounts to its RENAV within the Montney peer group; expectedtype curves; capital spending and availability of cash; the cost reduction, and drilling and completion optimization derived from use of the Stage Completions Inc. Bowhead II technology and the other benefits of the Stage Completionsinvestment including priority access to the technology and growth potential of the minority interest investment; proposed processing options, commodity pricing; costs associated with operating in the oil and natural gas business;Blackbird's plans for a high impact delineation and development program, continued land aggregation, production growth through egress and increased processing and take-away; and the ability of Blackbird's corporate socialresponsibility initiatives to provide a significant competitive advantage. In addition, references to reserves and resources are deemed to be forward-looking information, as they involve the implied assessment, based on certainestimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated. Forward-looking statements or information are based on a number of factors and assumptions which have beenused to develop such statements and information but which may prove to be incorrect. Blackbird believes that the expectations reflected in such forward-looking statements or information are reasonable; however, undue relianceshould not be placed on forward-looking statements because Blackbird can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this presentation,assumptions have been made regarding, among other things: the impact of increasing competition; the timely receipt of any required regulatory approvals; the ability of Blackbird to retain and obtain qualified staff, equipment andservices in a timely and cost efficient manner; the ability of Blackbird to operate in a safe, efficient and effective manner; the ability of Blackbird to obtain financing on acceptable terms; the timing and costs of operating Blackbird'sbusiness; the ability of Blackbird to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters;and the ability of Blackbird to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward‐looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from
those anticipated by Blackbird and described in the forward‐looking statements or information. These risks and uncertainties may cause actual results to differ materially from the forward‐looking statements or
information. The material risk factors affecting Blackbird and its business are contained in Blackbird's Annual Information Form which is available at SEDAR at www.sedar.com. The forward‐looking statements or
information contained in this presentation are made as of the date hereof and Blackbird 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 required by applicable securities laws. The forward‐looking statements or information contained in this presentation are expressly qualified by this cautionary statement.
Additional Advisories
This presentation contains statistical data, market research and industry forecasts that were obtained from government or other industry publications and reports or based on estimates derived from such publications
and reports and management’s knowledge of, and experience in, the markets in which Blackbird operates. Government and industry publications and reports generally indicate that they have obtained their
information from sources believed to be reliable, but do not guarantee the accuracy and completeness of their information. Often, such information is provided subject to specific terms and conditions limiting the
liability of the provider, disclaiming any responsibility for such information, and/or limiting a third party’s ability to rely on such information. None of the authors of such publications and reports has provided any form
of consultation, advice or counsel regarding any aspect of, or is in any way whatsoever associated with, Blackbird. Further, certain of these organizations are advisors to participants in the Canadian oil and gas
industry, and they may present information in a manner that is more favourable to that industry than would be presented by an independent source. Actual outcomes may vary materially from those forecast in such
reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. While management believes this data to be reliable, market and industry
data is subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any
market or other survey. None of Blackbird nor its affiliates has independently verified any of the data from third party sources referred to in this presentation or ascertained the underlying assumptions relied upon by
such sources.
The outlook and guidance in this presentation has been provided to assist investors in analyzing Blackbird's anticipated development strategies and prospects and it may not be appropriate for other purposes and
actual results could differ from the guidance provided herein.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained in this presentation.
Advisories
TSX-V: BBI28
Independent Reserves Evaluation
Estimates of the Company's reserves and contingent resources and the net present value of future net revenue attributable to the Company's reserves and contingent resources as at March 1, 2017, are based upon
the reports that were prepared by McDaniel & Associates Consultants Ltd. (“McDaniel”), dated March 24, 2017. The estimates of reserves and contingent resources provided in this document are estimates only and
there is no guarantee that the estimated reserves or contingent resources will be recovered. Actual reserves and contingent resources may be greater than or less than the estimates provided in this in this
document, and the differences may be material. The estimates of reserves or contingent resources and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves
and future net revenue for all properties, due to the effects of aggregation. Estimates of net present value of future net revenue attributable to the Company's reserves and contingent resources do not represent the
fair market value of the Company's reserves and contingent resources and there is uncertainty that the net present value of future net revenue will be realized. There is no assurance that the forecast price and cost
assumptions applied by McDaniel in evaluating Blackbird's reserves, contingent resources and prospective resources will be attained and variances could be material. There is uncertainty that it will be commercially
viable to produce any portion of the contingent resources that are described herein.
Note Regarding Oil and Gas Metrics
Blackbird has adopted the standard of 6 Mcf:1 bbl when converting natural gas to boes. Condensate and other natural gas liquids (“NGLs”) are converted to boes at a ratio of 1 bbl:1 bbl. Boes may be misleading,
particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based roughly on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at
the Company's sales point. Given the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilizing a conversion ratio at 6 Mcf: 1
bbl may be misleading as an indication of value.
Oil and Gas Definitions
Terms that are used in this news release that are not otherwise defined herein are provided below:
Low estimate contingent resources, referred to herein as 1C, is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook, which is considered to be the best estimate of the
quantity that will actually be recovered. It is equally likely that the actual quantities recovered will be greater or less than the best estimate. Resources in the best estimate case have a 90% probability that the actual
quantities recovered will equal or exceed the estimate.
Best estimate contingent resources, referred to herein as 2C, is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook, which is considered to be the best estimate of the
quantity that will actually be recovered. It is equally likely that the actual quantities recovered will be greater or less than the best estimate. Resources in the best estimate case have a 50% probability that the actual
quantities recovered will equal or exceed the estimate.
High estimate contingent resources, referred to herein as 3C, is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook, which is considered to be the best estimate of the
quantity that will actually be recovered. It is equally likely that the actual quantities recovered will be greater or less than the best estimate. Resources in the best estimate case have a 10% probability that the actual
quantities recovered will equal or exceed the estimate.
Contingent resources are the quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which
are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves
that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe. Contingencies may include factors such as economic, legal, environmental, political and regulatory
matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. There is no certainty that
it will be commercially viable to produce any portion of the contingent resources or that Blackbird will produce any portion of the volumes currently classified as contingent resources. The estimates of contingent
resources involve implied assessment, based on certain estimates and assumptions, that the resources described exists in the quantities predicted or estimated, as at a given date, and that the resources can be
profitably produced in the future. The risked net present value of the future net revenue from the contingent resources does not represent the fair market value of the contingent resources. Actual contingent
resources (and any volumes that may be reclassified as reserves) and future production therefrom may be greater than or less than the estimates provided herein.
Developed producing reserves are those gross reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they
must have previously been on production, and the date of resumption of production must be known with reasonable certainty.
Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.
Advisories
TSX-V: BBI29
Developed reserves are those gross reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low
expenditure (for example, when compared to the cost of drilling a well) to put the reserves on production. The developed category may be subdivided into producing and non-producing.
Gross means (i) in relation to the Company's interest in production or reserves, its "company gross reserves", which are the Company's working interest (operating or non-operating) share before deduction of
royalties and without including any royalty interests of the Company; and (ii) in relation to wells, the total number of wells in which the Company has an interest.
Net means, in relation to the Company's interest in wells or lands, the number of wells obtained by aggregating the Company's working interest in each of its gross wells.
Probable reserves are those additional gross reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum
of the estimated proved plus probable reserves.
Proved reserves are those gross reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
In this presentation, proved plus probable reserves are also referred to as 2P reserves.
Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on: (i) analysis of drilling, geological,
geophysical and engineering data; (ii) the use of established technology; and (iii) specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of
certainty associated with the estimates.
Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them
capable of production. They must fully meet the requirements of the reserves classification (proved, probable) to which they are assigned.
Analogous Information
Certain information in this document may constitute "analogous information" as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), including, but not limited to,
information relating to areas, wells and/or operations that are in geographical proximity to or on-trend with prospective lands held by Blackbird and production information related to wells that are believed to be on
trend with Blackbird's properties. Such information has been obtained from government sources, regulatory agencies or other industry participants, each of which is independent of Blackbird. Management of
Blackbird believes the information may be relevant to help define the reservoir characteristics in which Blackbird may hold an interest and such information has been presented to help demonstrate the basis for
Blackbird's business plans and strategies.
However, to Blackbird’s knowledge, such analogous information has not been prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and Blackbird is unable to confirm that the
analogous information was prepared by a qualified reserves evaluator or auditor. Blackbird has no way of verifying the accuracy of such information. There is no certainty that the results of the analogous information
or inferred thereby will be achieved by Blackbird and such information should not be construed as an estimate of future production levels. Such information is also not an estimate of the reserves or resources
attributable to lands held or to be held by Blackbird and there is no certainty that the reservoir data and economics information for the lands held or to be held by Blackbird will be similar to the information presented
herein. The reader is cautioned that the data relied upon by Blackbird may be in error and/or may not be analogous to such lands to be held by Blackbird.
Initial Production Rates
Any references in this document to test rates, flow rates, initial and/or final raw test or production rates, early production, test volumes and/or "flush" production rates are useful in confirming the presence of
hydrocarbons, however, such rates are not necessarily indicative of long-term performance or of ultimate recovery. Such rates may also include recovered "load" fluids used in well completion stimulation. Readers
are cautioned not to place reliance on such rates in calculating the aggregate production for Blackbird. In addition, the Montney is an unconventional resource play which may be subject to high initial decline rates.
Such rates may be estimated based on other third party estimates or limited data available at this time and are not determinative of the rates at which such wells will continue production and decline thereafter.
Information Regarding Disclosure on Reserves
The reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. Volumes of reserves have been presented based on a company
interest basis which includes Blackbird's royalty interests without deducting royalties payable by the Company. The estimates of reserves for individual properties may not reflect the same confidence level as
estimates of reserves for all properties, due to the effects of aggregation. Where discussed herein "NPV 10%" represents the net present value (net of capex) of net income discounted at 10%, with net income
reflecting the indicated oil, liquids and natural gas prices and IP rate, less internal estimates of operating costs and royalties. It should not be assumed that the future net revenues estimated by Blackbird's
independent reserve evaluators represent the fair market value of the reserves, nor should it be assumed that Blackbird's internally estimated value of its undeveloped land holdings or any estimates referred to
herein from third parties represent the fair market value of the lands.
Advisories
TSX-V: BBI30
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