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Calgary, Alberta – TheNewswire - May 9, 2025 – Blue Sky Global Energy Corp. (“ BGE ” or the “ Company ”) ( TSXV: BGE ) is pleased to announce that it has entered into a Letter of Intent (the “ LOI ”) dated May 6, 2025, with Blue Sky Resources Ltd. (“ BSR ”) a non-arm’s length party, for the acquisition of the remaining 50% interest in certain oil and gas assets located in Northeastern British Columbia (“ BC Assets ”) and a 50% interest in certain oil and gas assets located in Alberta (“ Alberta assets ”), collectively referred to as the “ Acquisition .” The total purchase price is CDN $19,000,000 (the “ Purchase Price ”), subject to the completion of financing and other customary conditions.
BC Assets
Under the terms of the LOI, BGE will acquire the remaining 50% working interest in the BC Assets, bringing its total ownership to 100%. BGE will also assume operatorship of the assets. The Company previously acquired the initial 50% interest in these assets, as announced in the press release dated May 28, 2024.
Alberta Assets Overview
The Alberta Assets are comprised of high-quality, light oil properties characterized by the following hightlights:
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Multi-zone production from 64 wells
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97% light sweet oil, with an API gravity of 38-41
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Currently production of approximately 130 barrels of oil equivalent per day (boepd), predominantly from the Keg River and Gilwood formations
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Approximately 14,000 net continuous acres
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Strong seismic coverage across the asset base
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Established infrastructure with significant excess oil handling capacity
The Acquisition is subject to standard due diligence procedures, as well as customary representations, warranties, and closing conditions. The transaction remains subject to the approval of the TSX Venture Exchange (the “ TSXV ”) and the successful completion of financing by BGE.
About Blue Sky Global Energy Corp.
The Company is a publicly traded entity listed on the TSXV under the symbol “BGE” with oil and assets in Canada, Indonesia and Belize. BGE holds a 50% non-operated interest in producing assets in Northeastern British Columbia. The Company holds a Production Sharing Contract over the Paus Block with an area of approximately 8,214 square kilometers located offshore East Natuna, Indonesia. In Belize the Company has a Production Sharing Agreement (“PSA”) with the Government of Belize comprised of approximately 180,000 acres of land in the Corozal Basin which may hold prospective oil and gas resources, and which so far includes on discovery, the SBC field.
Blue Sky Global Energy Corp.
Mohammad Fazil
President, Chief Executive Officer, Corporate Secretary and Director
Email: mofazil@gmail.com
Phone Number: +1 (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 Agreement; 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.
THE TSXV HAS IN NO WAY PASSED UPON THE MERITS OF THE ACQUISITION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
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