Blacksteel Energy Inc. Announces Farmout and Royalty Agreement

Source: www.gulfoilandgas.com 5/14/2024, Location: North America

Blacksteel Energy Inc. ("Blacksteel" or "Corporation "or the "Farmee") announces a farmout and royalty agreement ("Agreement") between four private companies (collectively, the "Farmor") and the Corporation.

The Agreement is a strategic alliance for Blacksteel as it combines Blacksteel's existing acreage in the productive Montney play in the Girouxville East area of Alberta with the Farmor's lands. The Agreement creates a contiguous 8,000-acre block of prospective land for future development and exploration drilling. An adjacent Area of Mutual Interest (AMI) is included in the Agreement to expand the potential area by an additional 4,160 acres to 12,160 acres.

Blacksteel will acquire a 100% working interest in the 8,000-acre block by drilling three (3) wells at various times before August 31, 2025.

As a consideration for the Farmor entering into this agreement, overriding royalties will apply to the earned lands. The existing overriding royalties payable to the Farmor on Blacksteel's existing production and acreage are subject to certain terms and conditions.

President and Chief Executive Officer Arthur Madden stated, "I am convinced this Agreement is a strategic move for Blacksteel, providing an opportunity to expand our existing production base in the East Girouxville area. Increasing production and streamlining our organization should enable Blacksteel to increase shareholder value."


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