Trading Symbol: BEY - TSX: V
CALGARY, March 15 /CNW/ - Blacksteel Energy Inc. ("Blacksteel" or the "Company") announces that the letter of intent (the "LOI") for a proposed business combination (the "Proposed Transaction") with White North Energy Corp. ("White North") has been terminated. Details of the Proposed Transaction had been previously announced by Blacksteel in a news release dated February 19, 2010.
In announcing termination of the Proposed Transaction Jacques Soroka, President and Chief Executive Officer of Blacksteel stated, "We regret that a formal agreement on the business combination with White North could not be concluded on mutually satisfactory terms. Blacksteel continues executing its strategy to generate the cash flow needed to help finance continued exploration and development plans."
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 (14,080 acres) 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 and has farmed in on an oil exploration play in central 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 press release contains forward-looking statements. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to: expectations about seeking, finding and completing a corporate transaction; opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". While the Corporation has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Corporation's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Although the Corporation 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. In the event that the Proposed Transaction is completed the ability of the Corporation to derive any benefit therefrom will be subject to a variety of variables and risks such as loss of market, volatility of oil and gas prices, currency fluctuations, environmental risks, competition from other producers, ability to access sufficient debt and equity capital from internal and external sources, ability to generate sufficient cash flow from operations to meet current and future obligations, and risks associated with potential future lawsuits and regulatory actions made against the Corporation; as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements.
The Corporation's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this new release. Unless otherwise required by applicable securities laws, the Corporation 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