Blackbird Cancels Thani Emirates Transaction

Blackbird Cancels Thani Emirates Transaction

October 18, 2010

Blackbird Energy Inc (C:BBI)
Shares Issued 37,732,498
Last Close 10/15/2010 $0.52
Monday October 18 2010 - News Release

Mr. Garth Braun reports

BLACKBIRD ENERGY LETTER OF INTENT FOR ACQUISITION OF OIL AND GAS DIVISION OF UNITED ARAB EMIRATES INVESTMENT FUND EXPIRES

Blackbird Energy Inc. announces that the letter of intent entered into with Thani Emirates Petroleum Cooperatif U.A. for the acquisition of its Oil and Gas division, as operated through Thani Netherlands Holding B.V. (the "Acquisition") has expired and the parties will not be proceeding to a definitive agreement. The Acquisition was to consist of Blackbird acquiring Thani Netherlands Holding B.V. ("TNH") from Thani Emirates Petroleum Cooperatief U.A.

Garth Braun, Blackbird CEO, stated, "Blackbird has worked diligently towards the definitive purchase agreement and arranging the required financing, however certain key issues remained unresolved that could not be rectified prior to expiration of the letter of intent. Specifically, we were not able to obtain comfort on certain key issues, most importantly one raised late in the process where the selling group had requested a provision in the agreement which would potentially increase their interest on a post closing basis, based upon certain conditions that we could not accept and that we felt would be unfairly dilutive to current shareholders. This is of course very disappointing, but our directors and officers will continue their tireless efforts to indentify additional opportunities to enhance shareholder value."

Back to the News page

.