Blue Parrot Energy Inc.

Blue Parrot Energy Inc.

May 12, 2006 13:50 ET

Blue Parrot Announces Results of AGM and Project Updates

CALGARY, ALBERTA--(CCNMatthews - May 12, 2006) - Blue Parrot Energy Inc. (TSX VENTURE:BPA) (BERLIN:BPX) wishes to announce the results of the Annual and Special Meeting of Shareholders held May 8, 2006.

By an overwhelming majority, shareholders approved:

1. The audited financial statements for the year ended October 31, 2005 and the report of the auditors thereon;

2. The election of the incumbent directors of the Corporation for the ensuing year;

3. The appointment of the auditors of the Corporation for the ensuing year and authorization for the directors to fix the remuneration to be paid to the auditors; and

4. The approval of the Corporation's stock option plan.

Additionally, Mr. Paul Patton, Vice President Exploration provided an update on the Corporation's exploration and development plans for the balance of fiscal 2006. The Company awaits the removal of road bans to immediately commence the drilling of the first 9 wells in the 2006 discovery program.

Blue Parrot is an oil and natural gas exploration, development and production company based in Calgary, Alberta.

Forward Looking Statements:

Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements. Per barrel of oil equivalent ("BOE") amounts may be misleading, particularly if used in isolation. A BOE conversion ratio has been calculated using a conversion of 6000 cubic feet of natural gas to 1 barrel and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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