Blue Horizon Industries Inc

Blue Horizon Industries Inc

May 31, 2012 13:11 ET

Blue Horizon Announces Sale of Certain Working Interests in Oil Assets and Appointment of New Director

RED DEER, ALBERTA--(Marketwire - May 31, 2012) - Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announced today that its wholly owned subsidiary Blue Horizon Energy Inc. ("BH Energy"), has sold working interests in two oil assets held by the BH Energy to an arm's length third party ( the "Purchaser") of Calgary Alberta. The Corporation sold an undivided 30% working interest in its Northern Alberta heavy oil property referred to as "the Normandville" property. In the same transaction agreement, the Corporation sold 100% of the working interest held in the "Haro" prospective property.

Within 30 days of closing of the transaction, the Purchaser has agreed to pay total consideration of $768,503.66 to the Corporation. The Purchaser has also agreed to provide the Corporation a 45 day period to repurchase the assets for an amount equal to the purchase price, at which time the Purchaser shall retain an undivided 5% interest in the Normandville property, and an undivided 10% interest in the Haro prospect.

The Corporation is further pleased to announce the appointment of The Hon. Doug Lewis to the board of directors. The Hon. Doug Lewis is recognized for serving Canada, his profession and his community of Orillia, Ontario and surrounding area for more than 40 years. Called to the Bar in 1969, Mr. Lewis is also a chartered accountant. He currently practices corporate and commercial, estates, and immigration law with Lewis Downey Tornosky Lassaline & Timpano.

Mr. Lewis served as the Member of Parliament for Simcoe North from 1979 to 1993. During that time he also served in the Cabinet of Prime Minister Brian Mulroney. The portfolios he occupied included Government House Leader, Attorney General, Minister of Justice, Minister of Transport and Solicitor General. Among the many highlights of his parliamentary career was the part he took in helping steer the passing of the Free Trade Agreement.

Mr. Lewis was Chair of the Federal Government Panel on Railway Safety in Canada during 2007. Many of the recommendations of the Panel were adopted as law by the Government. He is currently the Chair of the Audit Committee of the Ministry of the Attorney General. Mr. Lewis served as a Bencher of the Law Society of Upper Canada from 2007 to 2011 and just finished a second and last term as a Director of the State Bank of India (Canada). Mr. Lewis was named a Fellow of the Institute of Chartered Accountants in 1982. He was appointed Queen's Counsel in Ontario in 1984 (Ontario) and 1992 (Canada). In May of 2012 he was awarded the Law Society Medal by the Law Society of Upper Canada. Mr. Lewis also serves as a Director of Guyana Precious Metals Inc., which is listed on the TSX Venture Exchange.

Don Allan, President and CEO of Blue Horizon said "It is an utmost pleasure to have the opportunity to be able to work with Doug and bring his vast level of experience to Blue Horizon. We feel that Doug is one big piece of the puzzle that we need moving forward toward our renewable diesel production."

About Blue Horizon Industries Inc.

Blue Horizon Industries Inc. is a diversified industrial company with a four-fold strategic focus. The Corporation operates through three subsidiary companies; Blue Horizon Energy Inc. - 100% owned ("Blue Horizon Energy"), Blue Horizon Bio-Diesel Inc. - 100% owned ("BH Bio- Diesel") and Blue Horizon Mining Inc. - 74% owned ("BH Mining"). Blue Horizon Contracting ("BH Contracting") and BH Energy are wholly-owned divisions of Blue Horizon Energy. BH Contracting is currently bidding on dismantling contracts for execution in 2012, while BH Energy is exploring for oil and gas in Western Canada having participated in 3 test wells and one producing well in 2011. BH Mining is advancing two mining projects in British Columbia and BH Bio-Diesel has an exclusive sub-license agreement to build green renewable-diesel plants in Canada.

The shares of the parent company, Blue Horizon Industries Inc., are listed to trade on the Canadian National Stock Exchange ("CNSX") under the symbol BH.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the Canadian National Stock Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

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