Blacksteel Energy Inc.
TSX VENTURE : BEY

Blacksteel Energy Inc.

May 09, 2013 19:06 ET

Blacksteel Energy Inc. Announces Cancellation of Escrowed Shares

CALGARY, ALBERTA--(Marketwired - May 9, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES.

Blacksteel Energy Inc. (TSX VENTURE:BEY) ("Blacksteel" or the "Corporation") announces that 3,127,318 common shares of the Corporation (the "Escrowed Shares") held under a surplus security escrow agreement dated December 23, 2009 have been cancelled.

The Escrowed Shares had originally been issued to shareholders of Blacksteel Oil Sands Inc. as part of the Corporation's qualifying transaction.

The cancellation of the Escrowed Shares arises from a corporate disposition of the assets for which the Escrowed Shares were issued and the TSX Venture Exchange indicating that it would be unable to consent to any requests for release of the Escrowed Shares. As a result, the Corporation proceeded to have the Escrowed Shares cancelled.

As of today's date and after cancellation of the Escrowed Shares, Blacksteel has 19,797,938 common shares issued and outstanding.

Blacksteel is a junior oil and gas company involved in the exploration, exploitation, development and production of petroleum and natural gas resources. The focus of the company remains on establishing a low risk, high net back, light oil weighted platform to build the company. The Corporation has a 100% working interest in a four section petroleum and natural gas lease in the Del Bonita Area of Southern Alberta, which it believes may have Bakken potential. It also has a 25% working interest in one section of land in the Crossfield area, which the Corporation believes is oil prospective in the Elkton formation, and varying working interests of 22% - 37.5% in 1840 acres of Crown land in the Devon area of Alberta.

Forward-Looking Information Cautionary Statement: This document contains forward-looking statements regarding the business and operations of Blacksteel. All statements other than statements of historical fact contained herein are forward-looking statements under applicable securities laws. In particular, statements as to the Corporation's anticipated transactions are forward-looking statements. These forward looking-statements are based upon various assumptions. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefit the Corporation will derive there from. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.

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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