Trading Symbol: BEY - TSX: V
CALGARY, April 23 /CNW/ - Blacksteel Energy Inc. ("Blacksteel" or the "Company") announces that it has purchased, without condition, a 100% working interest in a four section (1,024 hectare (Ha)) lease in the Plains Region of Alberta. This lease was purchased at the April 21, 2010 public offering of Alberta crown petroleum and natural gas rights. The Company paid total cash bonus consideration of $645,662.72 for this lease, averaging $630.53 per Ha, plus lease rental for one year. In connection with this lease purchase Blacksteel has paid $10,000 and has granted a 2% gross overriding royalty interest on future production to a consultant of the Company.
Blacksteel is a junior oil and gas company with a focus on oil sands development. Its principal business activity is the exploration, exploitation, development and production of petroleum and natural gas resources in Alberta. The Company has a 100% working interest in 22 sections of Crown oil sands leases in the Peace River area of northern Alberta, a working interest in a natural gas producing property in the Grassland area of Alberta, has farmed in on an oil exploration play in central Alberta and has a 100% working interest in a 4 section P&NG lease in the Plains Region of Alberta.
ON BEHALF OF THE BOARD OF DIRECTORS OF
BLACKSTEEL ENERGY INC.
(signed) "Walter Wakula"
Walter Wakula, Chairman of the Board
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.
Advisory Regarding Forward Looking Statements
This news release may contain forward-looking statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of the Company may be affected by a variety of variables and risks associated with oil and gas exploration, production and transportation and, as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements.
The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this news release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, event, results or circumstances or otherwise.
SOURCE BLACKSTEEL ENERGY INC.
For further information: For further information: Jacques Soroka, President, CEO and Director, Blacksteel Energy Inc., Phone: (403) 453-0060