October 3, 2013
October 3, 2013 - Vancouver, British Columbia (TSX-V: BBI) Blackbird Energy Inc. ("Blackbird
" or the "Company
") is pleased to announce that is has closed the previously announced acquisition (the "Acquisition
") of two sections of petroleum & natural gas rights comprising a total of 1,280 acres located in Bromhead in South East Saskatchewan (the "Bromhead Project
The Bromhead Project was acquired from Weyburn Energy Ltd. ("Weyburn
") through Blackbird's wholly-owned subsidiary, Ruger Energy Inc., for total cash consideration of $52,000. The Acquisition provides Blackbird with a 100% working interest in two sections at an average cost of $26,000 per section, subject to a 6% non-convertible Gross Overriding Royalty ("GORR") with a maximum of 25% deductions in favour of Weyburn and a 2% GORR in favour of Ralco Ventures.
Garth Braun, President and CEO of Blackbird stated, "The Bromhead acquisition continues our strategy of originating projects we believe to have strong economics. We currently expect to develop the Bromhead Project in the near-term through the completion of a re-entry program in the fourth quarter of 2013."
Blackbird also reports that it has entered into a consulting agreement with Macam Investor Relations ("Macam IR
") for the provision of investor relation services. Macam IR will initiate and maintain contact with the financial community, shareholders, investors and other stakeholders for the purpose of increasing awareness of Blackbird and its activities. The agreement between Blackbird and Macam IR provides for an initial term of one year and is subject to acceptance from the TSX Venture Exchange. Macam IR will receive a monthly average fee over a one year period of $5,000 and will be granted 900,000 options at an average exercise price of $0.1088. The stock options will vest over the next 12 months and will expire two years from the date of issuance.
Blackbird today also announced the resignation of Murray Scalf from the Company's board of directors.
Garth Braun, CEO of Blackbird stated: "On behalf of the entire Blackbird team, I would like to express my appreciation for Murray's contributions and service to our growing company."About Blackbird
Blackbird Energy Inc. is a Western Canadian based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Blackbird trades on the TSX Venture Exchange under the symbol BBI.
Blackbird's team is focused on originating new high quality oil projects through the assembly of land positions in southwest Saskatchewan and Alberta.
For more information please visit the company's website and view the corporate presentation atwww.blackbirdenergyinc.com
On behalf of the board ofBLACKBIRD ENERGY INC.
Per: "Garth Braun"
Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:Macam Investor Relations
Cameron MacDonald, President & CEO
Office (403) 452-6600 email@example.com
Blackbird Energy Inc.
Garth Braun, President & CEO
Office (604) 688 firstname.lastname@example.orgDisclaimer for Forward-Looking Information
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to the Company's proposed exploration plans and expectations for the Bromhead Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration and production, (3) a decreased demand for natural gas, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. 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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