GMT Capital and Bay Resource Partners Funds Acquire Securities of Blackbird Energy Inc.

ATLANTA, GEORGIA--(Marketwired - June 7, 2016) - Pursuant to the early warning requirements of applicable securities laws, GMT Capital Corp. ("GMT") announces that on May 19, 2016, certain of its hedge fund and private client managed accounts acquired 39,000,000 units ("Units") of Blackbird Energy Inc. ("Blackbird") at a price of $0.15 per Unit, each Unit being comprised of one common share ("Common Share") of Blackbird and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire, subject to adjustment, one Common Share at an exercise price of $0.30 per Common Share at any time prior to 4:59 p.m. (Calgary time) on May 19, 2021. Prior to the acquisition of the 39,000,000 Units, GMT's hedge fund and private client managed accounts held 39,656,000 Common Shares representing approximately 11.08% of the outstanding Common Shares. As a result of the acquisition of the Units, GMT's hedge fund and private client managed accounts hold 78,656,000 Common Shares representing approximately 14.31% of the outstanding Common Shares (or approximately 21.40% of the outstanding Common Shares assuming the exercise of the 39,000,000 Warrants).

The Common Shares and Warrants were acquired in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over Blackbird. GMT managed accounts may from time to time acquire additional Common Shares and/or Warrants, dispose of some or all of the existing or additional Common Shares and/or Warrants or may continue to hold the Common Shares and/or Warrants.

GMT specifically disclaims any beneficial ownership of the Common Shares and Warrants, but as investment manager of its managed accounts GMT has exclusive power to exercise investment control or direction over the Common Shares and Warrants.

FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONJUNCTION WITH THIS PRESS RELEASE, PLEASE CONTACT THE PERSON LISTED BELOW.