Blacksteel Energy Inc. Announces Appointment of New Director and Filing of Annual Financial Statements and Reserves Report

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Calgary, Alberta–(Newsfile Corp. – September 6, 2022) – Blacksteel Energy Inc. (“black steel“or the”society“) is pleased to announce that it has appointed Duncan Nightingale to its Board of Directors, filed annual audited financial statements and reserve report.

Appointment of Duncan Nightingale to the Board of Directors

Blacksteel is pleased to announce the appointment of Duncan Nightingale to the Board of Directors. Mr. Nightingale has extensive senior-level operational experience in the oil and gas industry, including positions such as Vice President of Operations for Frontera Energy managing 60,000 barrels per day (boe/d) of production in Colombia, Head of operations and national president of Gran Tierra in Colombia. managing 30,000 boe/d of production, Senior Vice President of Artumas Group operating in Mozambique and Tanzania, Managing Director of Dana Gas operating in Egypt, Iraq and Kurdistan, President and Managing Director of EnCana Corporation Doha based in Oman and Managing Director/President/Chief Development Officer for Nexen operating and residing in Nigeria. While training as a geologist, his experience led to reservoir maximization, operations efficiency, development projects, operations management, team development, and managing annual budgets of hundreds of dollars. millions of dollars.

The Board wishes to express its deepest thanks to Les Treitz who resigned from Blacksteel in favor of Duncan Nightingale. Mr. Treitz was a long-time member of the Board of Directors and brought his vast experience to Blacksteel over the years. The Company wishes Mr. Treitz nothing but the best.

Reserve report and annual audit completed and filed

The Company’s 2022 annual financial statements, MD&A and NI 51-101 forms relating to reserve status data and other oil and gas information have been filed on SEDAR.

Blacksteel’s new business plan includes evaluating international oil and gas opportunities that provide significant accretive per-share exposure to Blacksteel’s current reserves, production and/or cash flows while raising capital to support these initiatives.

Jeff Callaway, CEO of Blacksteel, said, “We are very pleased to have Duncan Nightingale join the board. His wealth of international experience in South America, Africa, Eastern Europe and Middle East operations will support the execution of Blacksteel’s business plan. Duncan is already heavily engaged in due diligence on international opportunities as he supports the development plan in Girouxville which offers near-term, low-risk cash flow growth. Our current priority is the closing of the second tranche of the private placement and the consolidation of the Girouxville assets, which would mark major milestones in the current business plan. »

“The reserve report showed a pre-tax 2P value of $7.86 million, representing 91% net year-over-year growth for Blacksteel. The value of the property would be $26.2 million on a 100% basis using a pre-tax 2P assumption. Additionally, additional value from more drilling locations could be realized from a successful work program that Blacksteel is considering.”

“With regard to the annual report at the end of April 2022, the balance sheet continued to strengthen in view of the post-year-end developments, as indicated in the annual documents. As always, we thank our shareholders for their support. at Blacksteel.”

Blacksteel Energy Inc.

Blacksteel is a junior oil and gas company involved in the exploration, development and production of oil and gas resources.

Jeff Callaway
President and CEO
(403) 540-2408

Caution Regarding Forward-Looking Information: This document contains forward-looking statements regarding Blacksteel’s business and operations. All statements other than statements of historical facts contained herein are forward-looking statements under applicable securities laws. In particular, statements regarding anticipated transactions of the Company are forward-looking statements. These forward-looking statements are based on various assumptions. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that the plans, intentions or expectations anticipated by the forward-looking statements will occur or will occur, or if any of them occur, what benefit the Company will derive. All subsequent forward-looking statements, written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Further, the forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Not for distribution to US Newswire services or for dissemination in the United States of America. Failure to comply with this restriction may constitute a violation of United States securities laws.

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