Blackbird Energy Letter of Intent for Acquisition of Oil and Gas Division of United Arab Emirates Investment Fund Expires
Monday, October 18, 2021 3:23 PM

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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/18/10 -- Blackbird Energy Inc. (TSX VENTURE: BBI) ("Blackbird" or the "Corporation"), announces that the letter of intent entered into with Thani Emirates Petroleum Cooperatif U.A. for the acquisition of its Oil and Gas division, as operated through Thani Netherlands Holding B.V. (the "Acquisition") has expired and the parties will not be proceeding to a definitive agreement. The Acquisition was to consist of Blackbird acquiring Thani Netherlands Holding B.V. ("TNH") from Thani Emirates Petroleum Cooperatief U.A.

Garth Braun, Blackbird CEO, stated, "Blackbird has worked diligently towards the definitive purchase agreement and arranging the required financing, however certain key issues remained unresolved that could not be rectified prior to expiration of the letter of intent. Specifically, we were not able to obtain comfort on certain key issues, most importantly one raised late in the process where the selling group had requested a provision in the agreement which would potentially increase their interest on a post closing basis, based upon certain conditions that we could not accept and that we felt would be unfairly dilutive to current shareholders. This is of course very disappointing, but our directors and officers will continue their tireless efforts to indentify additional opportunities to enhance shareholder value."

About Blackbird

Blackbird's wholly-owned subsidiary Blackbird Energy LLC ("Blackbird Energy") holds a 75% interest in 3,857 acres of leasehold land located in Gray County, Texas known locally as the "Mathers-Gordon Prospect". The Mathers-Gordon Prospect is a multi pay oil and gas prospect. Blackbird Energy is the operator of the prospect. In addition, Blackbird plans to actively look for further oil and gas properties for acquisition or potential joint ventures.

On behalf of the board of BLACKBIRD ENERGY INC.

Garth Braun, Chief Executive Officer and Director

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's identification of additional opportunities for the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration and production, (3) a decreased demand for natural gas, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Blackbird Energy Inc.
Dwane Brosseau
604.662.4955
dbrosseau@blackbirdenergyinc.com
www.blackbirdenergyinc.com

(Source: Market Wire )
(Source: Quotemedia)
 

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