Calgary, Alberta–(Newsfile Corp. – August 27, 2025) – Blacksteel Energy Inc. (“Blacksteel” or the “Corporation“) is pleased to confirm closing of the previously announced sale by the Corporation and its 100% subsidiary Drakkar Energy Ltd. of all of its oil producing assets in the Girouxville Area to Perthro (Canada) Inc. (the “Transaction“).
Total consideration for the Transaction was comprised of the following:
- ~$2,015,000, representing the base purchase price after certain pre-closing adjustments as described in the asset purchase agreement, as amended (the “Closing Amount“).
- $350,000 of the Closing Amount was retained by the Perthro (Canada) Inc. as a holdback and is releasable in tranches over a period of one year from the closing date, subject to and conditional upon certain conditions set out in the asset purchase agreement, as amended.
- The balance the Closing Amount of ~$1,710,000 was paid in cash on the closing date.
- Additional consideration, to be issued at a later date, of one million (1,000,000) Class “B” shares of Perthro AB, a Swedish incorporated oil and gas exploration and development company and the sole shareholder of Perthro (Canada) Inc.
In association with the closing of the Transaction, net cash proceeds of the sale were used to pay down the Corporation’s debts.
Arthur Madden has resigned his positions of President, CEO, and CFO effective August 6, 2025.
Blacksteel is a junior oil and gas company that explores, develops, and produces petroleum and natural gas resources.
Tim Bowes
Director
(403) 863-6249
jtimothybowes@icloud.com
Forward-Looking Information Cautionary Statement: This document contains forward-looking statements regarding the business and operations of Blacksteel. All statements other than statements of historical fact contained herein are forward-looking statements under applicable securities laws. In particular, statements about the release of the holdback from the Closing Amount are forward-looking. These forward-looking statements are based upon various assumptions. Forward-looking statements are frequently characterized by words such as “plan”, “expect,” “project”, “seek,” “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate,” and other similar words or statements that certain events or conditions “may” or “will” occur or are “subject to” or “conditional upon” the occurrence of other events. The Corporation’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, and, accordingly, no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive therefrom. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with oil and gas exploration; risks related to environmental regulation and liability; the uncertainty of profitability; the potential for unexpected costs and expenses; risks related to commodity price fluctuations; and other risks and uncertainties related to the Corporation’s prospects, properties, liabilities and business detailed elsewhere in the Corporation’s disclosure record. All forward-looking statements herein, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for distribution to U.S. Newswire Services or dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264215