Blue Parrot Energy Inc.
TSX VENTURE : BPA

Blue Parrot Energy Inc.

October 05, 2007 19:45 ET

Blue Parrot Energy Provides Update on Corporate Activities

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Blue Parrot Energy Inc. (TSX VENTURE:BPA) (the "Company") announces that the National Bank of Canada has agreed in principle to an extension and amendment of its existing credit facility, while the Company continues to review and evaluate strategic alternatives to maximize shareholder value. In connection with the foregoing, the Company has retained Michael A. Steele of the Steele Consulting Partnership to provide advice on strategic initiatives and restructuring matters.

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

Advisory: This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management.

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

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