Blue Parrot Energy Inc.
TSX VENTURE : BPA

Blue Parrot Energy Inc.

April 20, 2009 18:32 ET

Blue Parrot Energy Inc. Announces Asset Acquisition

CALGARY, ALBERTA--(Marketwire - April 20, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Blue Parrot Energy Inc., (TSX VENTURE:BPA) ("Blue Parrot" or the "Corporation") announces that on April 17, 2009, it closed a transaction to acquire certain royalties on the Corporation's lands from Canadian Phoenix Resources Corp. ("CPH"). The Corporation purchased the royalties recovered from the Corporation's wells in the Bonnie Glen area which represent a 16% royalty of the gross monthly production (expressed in cubic meters) produced or deemed to be produced. The Corporation purchased the Gross Overriding Royalty for $1,000,000 with an effective date of January 1, 2009 (the "Purchase"). The Corporation made an initial payment of $500,000 and a second payment of $250,000 (plus interest) is due June 30, 2009 and a final payment of $250,000 (plus interest) is due December 31, 2009. At the time of closing, the Corporation provided CPH with a secured note for $500,000 (the "Note"), which is subordinate to the Corporation's primary lender. The Corporation has an option to repay the Note at anytime without penalty.

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.

Contact Information

  • Blue Parrot Energy Inc.
    Paul Patton
    Chief Operating Officer
    (403) 262-8444