Blacksteel Energy Inc.

Blacksteel Energy Inc.

September 05, 2013 09:00 ET

Blacksteel Energy Inc. Announces Casing of 16-26 Well and Appointment of Director

CALGARY, ALBERTA--(Marketwired - Sept. 5, 2013) -


Blacksteel Energy Inc. (TSX VENTURE:BEY) ("Blacksteel" or the "Corporation") is pleased to announce that drilling operations by its industry partner to test for Elkton light oil at its Crossfield 16-26-027-01W5 location ("16-26") have concluded. The 16-26 well has been logged and cased. Completion and testing operations will be undertaken shortly.

Blacksteel farmed-in on the 16-26 well, paying 60% of the costs involved to drill, equip and complete the well as well as a prospect fee and equalized with its industry partner on certain other expenses. Under the terms of the farm-in, the Corporation earned a 36% working interest in the well.

Blacksteel is also pleased to announce Craig Frew has joined the board of directors of the Corporation.

Mr. Frew started his career as an engineer working in areas of design and construction of natural gas production and transmission facilities and progressed into numerous senior management and executive positions in pipelines and gas marketing with companies such as Western Gas Marketing Limited, Iroquois Pipeline Operating Company and TransCanada Corporation. Mr. Frew has broad working experience in areas of government relations and regulatory activities in both Canada and the United States and has served as a Board Member and Chairman of numerous companies and associations. He retired from TransCanada Corporation in 2007. Mr. Frew received a B.Sc. in Mechanical Engineering from the University of Calgary in 1972 and is a 1993 graduate of the Stanford Executive Program.

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.

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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Contact Information

  • Blacksteel Energy Inc.
    Les Treitz
    Interim President and Chief Executive Officer
    (403) 389-1800