Blue Sky Announces Closing of Acquisition of Heavy Oil Assets In Alberta
(TheNewswire)
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Calgary, Alberta, September 11, 2024 – TheNewswire – Blue Sky Global Energy Corp. (“Blue Sky” or the “Company”) (TSXV: BGE) is pleased to announce that further to the Company’s press release dated August 6, 2024, the Company has closed the acquisition of a 50% interest in certain heavy oil assets in Alberta (the “Acquisition” or “Acquired Assets”) from Blue Sky Resources Inc. (“BSR”) pursuant to a definitive agreement entered into by the parties dated August 19, 2024.
The Acquired Assets are located in the Cold Lake area of Alberta and are made up of approximately 192 hectares (BSG’s 50% net interest) prospective for the exploration of heavy oil. The Acquired Assets will continue to be operated by BSR and are being acquired from BSR for a purchase price of $307,849.50 (to be paid in cash), subject to adjustments, as may be required by the parties (“Purchase Price”). No shares will be issued as consideration for the Proposed Acquisition. The Company has the right to take over operatorship of the assts if and when requisite regulatory approvals are obtained.
The Company has obtained the necessary approvals to close the Acquisition, including receiving final acceptance from the TSX Venture Exchange (“Exchange”). No finder fees were payable by the Company in connection with the Acquisition.
About Blue Sky Global Energy Corp.
The Company is a publicly-traded entity listed on the TSXV under the symbol “BGE” with assets which are comprised primarily of approximately 180,000 acres of land (“Contracting Area”) located in the Corozal Basin in Belize which may hold prospective oil and gas resources, and which so far includes one discovery, the SBC field. The SCB field contains four wells, two of which have been tested, the SCB#1 and the SCB#2 wells. A wholly owned subsidiary of the Company has entered into a Production Sharing Agreement (“PSA”) with the Government of Belize. Pursuant to the PSA, this wholly owned subsidiary of the Company holds a 100% contractor position in the Contracting Area and has the exclusive right to conduct all petroleum operations within the Contracting Area. BSG also hold a 50% non-operating interest in 600 boed (on a net basis) in Northeastern British Columbia and through its whole owned subsidiary holds a production sharing contract on an area covering 8,214 square kilometers that is offshore East Natuna, Indonesia, known as the “Paus Block”.
Blue Sky Global Energy Corp.
Mohammad Fazil
President, Chief Executive Officer, Corporate Secretary and Director
Email: mfazil@bsge.ca
Phone Number: 403-613-7310
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include: information relating to the Proposed Acquisition; and the exploration and development of the company’s assets. Such statements and information reflect the current view of the Company. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.
The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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