DENVER--(BUSINESS WIRE)--Black Raven Energy, Inc. (“Black Raven” or the “Company”) today announced that it has begun a forty-well drilling program on its acreage in the Niobrara formation in north eastern Colorado. The wells are being drilled pursuant to the previously announced Farmout Agreement entered into with Atlas Resources, LLC (“Atlas”) on July 23, 2010 (the “Farmout Agreement”). Black Raven currently expects that drilling of the 40 wells will be completed in January 2011. Black Raven recently completed the drilling of a six-well program under the Farmout Agreement, with all six wells proving to be successful.
Pursuant to the Farmout Agreement, Black Raven will receive a $60,000 well-site fee from Atlas for each drilled well. In addition, Black Raven will receive an undivided six percent of eight-eighths (6% of 8/8ths) royalty interest on all of the oil and gas produced and sold from the drilled wells.
About Black Raven Energy, Inc.
Black Raven Energy, Inc. is an independent energy company engaged in the acquisition, exploitation, development and production of natural gas and oil in the Rocky Mountain Region of the United States.
Some of the statements made in this press release are forward-looking statements that reflect management's current views and expectations with respect to future events. These forward-looking statements are not a guarantee of future events and are subject to a number of risks and uncertainties, many of which are outside the Company’s control, which could cause actual events to differ materially from those expressed or implied by the statements. These risks and uncertainties are based on a number of factors, including but not limited to the business risks disclosed in the Company’s SEC filings, most notably the section entitled "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2009. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.