Blue Parrot Energy Inc.

Blue Parrot Energy Inc.

July 09, 2007 13:03 ET

Blue Parrot Energy Completes Loan Agreement

CALGARY, ALBERTA--(Marketwire - July 9, 2007) - Blue Parrot Energy Inc. (the "Company") (TSX VENTURE:BPA) announced today that it has completed an agreement to amend and extended a portion of its $3.4 million loan (the "Original Loan") with Quest Capital Corp. (the "Lender").

The Lender has, subject to the conditions set forth in the agreement reached between the parties, agreed to extend the due date for a portion of the Original Loan in the principal amount of $1.0 million (the "Extension Amount") from June 30, 2007 to December 30, 2007.

The Company has repaid to the Lender a $2.4 million portion of the principal amount of the Original Loan together with accrued interest.

An extension fee of 10% of the Extension Amount has been paid to the Lender by the Company by way of the issuance of the Company's common shares, utilizing a price of $.1335 per share (which price was based on a ten-day weighted average price of the Company's common shares), resulting in 749,064 common shares being issued.

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 Company 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 Company does not undertake any obligation to publicly update or revise any forward-looking statements.

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

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