Blacksteel Energy Inc. announces completion of acquisition of Drakkar Energy and appointment of Bettina Pierre-Gilles as a Director

Calgary, Alberta – Blacksteel Energy Inc. (“Blacksteel” or the “Corporation“) is pleased to announce that it has closed the acquisition of Drakkar Energy Ltd. and has appointed Bettina Pierre-Gilles to the Board of Directors for Blacksteel.

Completion of Acquisition of Drakkar Energy Ltd.

Blacksteel has completed the acquisition of Drakkar Energy Ltd. through the amalgamation of Drakkar with a wholly owned subsidiary of Blacksteel, thereby consolidating its working interest in the Girouxville producing oil and gas asset. Blacksteel now has a 100% working interest and operatorship and facility upgrades to handle increased production volumes are near completion. After a period of voluntary shut-in, production is anticipated to re-commence towards the end of March.

As a result of the closing of the Drakkar acquisition there are now 89,936,408 shares outstanding.

Appointment of Bettina Pierre-Gilles as a Director

Blacksteel is pleased to announce the appointment of Bettina Pierre-Gilles to the Board of Directors.

Bettina Pierre-Gilles is a Calgary based entrepreneur and businesswoman with more than 22 years of experience across the conventional oil and gas and renewable energy sectors, and significant knowledge of capital markets and M&A activity. Along with her ICD.D designation from the Institute of Corporate Directors program, Ms. Pierre-Gilles possesses extensive experience serving on corporate boards and as Chair of various committees.

Currently, Ms. Pierre-Gilles is the President and CEO of Luxeum Renewables Group and Pierre-Gilles & Associates Professional Corporation (CPA); past Chair and Managing Director of the Piikani Investment Corporation, a Treaty 7 First Nation based in Southern Alberta; Board Member of Bow Valley College, where she is the Chair of the Community Relations Committee for the College; Board of Trustees Member of Queen’s University’s Board of Governors; Associate Mentor at the Creative Destruction Lab (“CDL”) Rockies; and Junior Achievement of Southern Alberta Business Program Mentor.

She holds the Chartered Professional Accountant (CPA-CMA) designation, an ICD.D designation from the Institute of Corporate Directors of Canada and received her MBA from Queen’s University.

Duncan Nightingale, Blacksteel’s CEO, commented, “The closing of the acquisition of Drakkar Energy represents another significant milestone in the implementation of Blacksteel’s business plan. We welcome our new shareholders as we position Blacksteel on a platform of low-risk oil development growth leading to increased production and growing cash flow to the benefit all shareholders.

“We are very pleased to welcome Bettina Pierre-Gilles with her significant depth of experience and broad skillset to the Board of Directors. She has already proven to be an energetic, creative, and significant contributor to the Board of Directors.”

Blacksteel Energy Inc.

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

Duncan Nightingale
President and CEO
(587) 433-4159
[email protected]

Jeff Callaway
(403) 540-2408
[email protected]

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 as to the Corporation’s anticipated transactions are forward-looking statements. These forward-looking statements are based upon various assumptions. 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 benefit the Corporation will derive there from. All subsequent forward-looking statements, 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.

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