Blacksteel Energy Inc. Announces Appointment of Jeff Callaway as President and Chief Executive Officer

Calgary, Alberta--(Newsfile Corp. - September 21, 2020) -  Blacksteel Energy Inc. (TSXV: BEY) ("Blacksteel") is pleased to announce that Jeff Callaway has been appointed as the new President and CEO and as a Director of Blacksteel Energy Inc.

Mr. Callaway brings 20 years of experience in the financial markets, a broad and deep suite of relationships in the energy sector and has been a shareholder of Blacksteel since inception. He has been a Director, President and CEO of a variety of entities and is the current CEO of High Ground Cannabis Inc.

"I have been a longstanding supporter of Blacksteel and now is the time for me to deepen my commitment to its' future so that Blacksteel can generate value for investors. The present environment provides numerous opportunities to acquire cash flowing assets at attractive prices that with patience and proper capitalization can generate attractive returns on investment." - Jeff Callaway

Eugene Chen, a director of Blacksteel, congratulates and welcomes Mr. Callaway to the Board of Directors and as President and CEO. "Mr. Callaway's background in finance, industry relationships, and creativity bode well for the future of Blacksteel and the creation of stakeholder value. Blacksteel and the energy industry generally is re-positioning itself to operate on a sustainable basis that is predicated on efficiency and return on investment in the current price environment."

Mr. Callaway takes over from Interim CEO Les Treitz. Mr. Callaway and the Board of Blacksteel thank Mr. Treitz for his years of service and appreciate his continuance as a Director of Blacksteel.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Blacksteel Energy Inc.

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

For further information,please contact:

Blacksteel Energy Inc.

Eugene Chen, Director

(403) 873-3771

echen@mcleod-law.com

This news release may contain forward-looking statements relating to future acquisitions, including statements regarding future plans. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the state of the economy in general and capital markets in particular; investor interest in the business and future prospects of Blacksteel; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory and third-party approvals.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Blacksteel disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, Blacksteel undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

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.

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