Black Hawk Enters Cowley County, Kansas Oil Venture With Tiger Oil and Energy
FOX ISLAND, Wash., Nov. 29, 2010 /PRNewswire-FirstCall/ -- Black Hawk Exploration (OTC Bulletin Board: BHWX) is pleased to announce the purchase of oil and gas leases covering approximately 2,553 acres of land in Cowley County, Kansas. BHWX owns 100% of the leases within the Prospect Area and has an undivided 81.5% working interest in and to the oil and gas leases and their previous 10 shut-in oil and gas wells.
The lease acquisition includes a 100% interest in one shut-in oil/gas well, the #1 Baker, located on the Keith Baker lease. Also acquired is a 100% interest in 9 other oil wells previously shut- in. Black Hawk's Oil 2011 Program calls for re-working all 10 locations directly or in joint venture with Tiger Oil and Energy, Inc. (OTC Bulletin Board: TGRO) and returning all of them to cash flow production. "We hope to start re-work on the #1 Baker, Oil and Gas Well in December, 2010 and have it in production January 2011. We also hope to have some exciting news on our future lithium plans and definitive assay results from the November Dun Glen gold and silver drilling, with-in the next 2 to 3 weeks," stated Kevin M Murphy, CEO of Black Hawk Exploration.
On October 27th, 2010 Black Hawk entered into a co-development agreement with TGRO in which, after an investment of $400,000 by TGRO in a new well in Black Hawk's Cowley County lease, TGRO will earn a 40% working interest in the # 1 Baker well, BHWX will receive a 50% interest in the new well and TGRO will have the right to participate in the 9 well rework program at the Cowley Prospect. BHWX will receive a 20% interest in any other new well TGRO drills on Black Hawk's current or future Cowley County, Kansas leases and has the option to invest in each additional new well drilled by TGRO on a prorated basis up to an additional 30%.
In addition to the acquisition, Black Hawk Exploration entered into an agreement with TIGER OIL & GAS LLC, a Kansas limited liability company ( "Tiger LLC"). In the agreement BHWX purchased oil and gas leases within Cowley County (the "Prospect Area") and Tiger LLC agreed to operate and participate in the development and exploration of additional oil and gas leases on behalf of BHWX.
About Black Hawk Exploration
Black Hawk is a diversified metals and energy exploration company and currently has expanded its current exploration program focus on lithium, gold and silver discovery with the addition of oil and gas leases in Kansas. Continuing its aggressive program of value added property acquisition, project generation, asset diversity and building shareholder value, Black Hawk will continue to develop its Clayton Valley lithium and Dun Glen gold and silver holdings and add a third focus with the acquisition of our Cowley County, Kansas oil and gas leases and the 10 in-active oil and gas wells that we plan on putting back into production.
Visit www.BlackHawkExploration.com and review all our current Press Releases and our CEO BLOG.
All investors and current shareholders interested in receiving information on Black Hawk Exploration are encouraged to call our Investor Relations Firm, Equiti-trend, toll-free at (800) 953-3350 to speak with an Investor Communication Representative:
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the Oil 2011 Program, Joint Venture and rework program.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Black Hawk Exploration
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