Blackbird Investments Inc.
TSX VENTURE : BBI.P

Blackbird Investments Inc.

November 10, 2009 09:30 ET

Blackbird Investments Inc. Announces Closing of Qualifying Transaction and Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009) - Further to its previous announcements in regards to its proposed Qualifying Transaction, Blackbird Investments Inc. ("Blackbird" or the "Corporation") (TSX VENTURE:BBI.P) is pleased to announce that it has closed the Qualifying Transaction and concurrent financing, and has received final approval from the TSX Venture Exchange (the "Exchange"). The closing date for the transaction and the first tranche of the concurrent financing was effective on October 23, 2009. The second tranche of the financing closed on November 5, 2009.

As announced, Blackbird had entered into an agreement with Maxwell Exploration Inc. for the acquisition of a 75% interest in certain oil and gas leases located in Gray County, Texas (the "Acquisition").

William Macdonald, President of the Corporation stated, "I am very pleased at what the Blackbird team has been able to accomplish in such a short time frame, particularly given the difficult market conditions when we locked up the transaction. At the time when we entered into the initial agreement for the acquisition, gas was at approximately US$2.50, oil was at US$58.00 and we had a $0.87 Canadian dollar. All of these have moved substantially in our favour, making for an even more compelling story."

Blackbird is now proceeding with the bond and permitting process in order to commence operations on the initial two Mathers well re-completions as soon as possible.

The financing provided aggregate gross proceeds of $2,978,116. Of this amount, gross proceeds of $2,500,000 were received from the brokered portion and gross proceeds of $478,116 were received from the non-brokered portion. Net proceeds from brokered portion, after commissions, payment of the corporate finance fee and agent's expenses were $2,273,000. Net proceeds from the non-brokered portion after payment of finder's fees were $464,116. The financing consisted of 11,912,464 units ("Units") at a price of $0.25 per Unit. Each Unit consists of one common share and one-half of one transferrable share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one common share at a price of $0.40 for a period of 36 months from the closing. In addition, the Corporation has issued agent's warrants equal to 7% of the securities sold under the financing which are exercisable at $0.25 for a period of 24 months from closing. The Corporation has issued 125,000 agent's shares and has issued 490,743 finder's fee shares to the party who identified the transaction and assisted in its negotiation and evaluation. The shares and warrants issued in connection with the private placement and finder's fee will be subject to a four-month hold period.

About Blackbird

Blackbird's wholly-owned subsidiary Blackbird Energy LLC ("Blackbird Energy") holds a 75% interest in 3,857 acres of leasehold land located in Gray County, Texas known locally as the "Mathers-Gordon Prospect". Blackbird intends to aggressively develop this prospect and has committed to spend a minimum of $2,200,000 US developing the prospect in the next twelve months. The Mathers-Gordon Prospect is a multi pay oil and gas prospect. Blackbird Energy will be the operator of the prospect. In addition, Blackbird plans to actively look for further oil and gas properties for acquisition or potential joint ventures.

On behalf of the board of BLACKBIRD INVESTMENTS INC.

William L. Macdonald, President and Director

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither 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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