Blue Sky Energy Inc
TSX VENTURE : BSI

December 13, 2016 08:00 ET

Blue Sky Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Dec. 13, 2016) - Blue Sky Energy Inc. ("Blue Sky" or the "Company") (TSX VENTURE:BSI) is pleased to announce that Neil Said, Corporate Secretary of the Company, has been appointed as Vice President and to the board of directors of Blue Sky.

The appointment follows the recent announcement of Blue Sky's acquisition of 100% of the issued and outstanding common shares of Sonoro Energy Iraq B.V. As stated by Jay Currie, Financial Post contributor, in the Financial Post article dated December 12, 2016: "(this) transaction has given Blue Sky significant exposure to a huge Iraqi oil reserve at a very low cost per barrel."

Blue Sky also announces that the Company has issued 909,721 common shares at a deemed price of $0.40 per common share in full and final settlement of past consulting fees owed to certain arm's length parties (for additional details regarding the shares for debt settlement see the Company's news release dated October 14, 2016 and the management information circular dated October 31, 2016). The shares for debt transaction received shareholder and TSX Venture Exchange approval. All common shares issued pursuant to the shares for debt settlement are subject to a hold period of four months and one day expiring on April 14, 2017.

About Blue Sky:

Blue Sky Energy Inc. is a Canadian independent oil exploration company.

Forward-looking information

This news release contains forward-looking information relating to the Company's growth and corporate strategy, and other statements that are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results, and may include statements or information regarding the shares for debt settlement; the appointment of directors and officers; the outlook of the Company's recent acquisition; and the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forwardlooking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks and uncertainties associated with oil and gas exploration, development, exploitation, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forwardlooking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

NEITHER THE 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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