Blacksteel Energy Provides Update on Status of Completion of Its Financial Statements

Calgary, Alberta--(Newsfile Corp. - October 4, 2023) - Blacksteel Energy Inc. ("Blacksteel" or the "Corporation") is providing this update on the status of the management cease trade order granted September 1, 2023 by its principal regulator, the Alberta Securities Commission, under National Policy 12-203 - Management Cease Trade Orders, following the Corporation's announcement on August 25, 2023 that it was unable to file its audited annual financial statements, management's discussion and analysis and related certificates for the year ended April 30, 2023 (the "Documents") on or before August 29, 2023, as required under applicable securities laws.

In addition, the Corporation was unable to file its interim first quarter financial statements, management discussion and analysis and related certificates for the period ended July 31, 2023 (the "Q1 Statements") on or before September 29, 2023, as required under applicable securities laws.

The Corporation now expects to file the Documents and its Q1 Statements on or about November 3, 2023.

Blacksteel Energy Inc.

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

Duncan Nightingale
President and CEO
(587) 433-4159
duncan@blacksteelenergy.ca

Jeff Callaway
EVP and CFO
(403) 540-2408
jeff@blacksteelenergy.ca

www.blacksteelenergy.ca

Forward-Looking Information Cautionary Statement: This document contains forward-looking statements regarding the business and operations of Blacksteel. All statements other than statements of historical fact contained herein are forward-looking statements under applicable securities laws. In particular, statements as to the Corporation's anticipated transactions are forward-looking statements. These forward-looking statements are based upon various assumptions. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding: the completion of the Corporation's audited financial statements and associated management discussion and analysis for the year ended April 30, 2023, the completion of the Corporation's interim first quarter financial statements and associated management discussion and analysis for the period ended July 31, 2023 and the date for filing of the Documents and Q1 Statements. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward- looking statements and, accordingly, no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefit the Corporation will derive there from. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with oil and gas exploration; risks related to the listing and maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drilling results; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration and development results will not be consistent with the Corporation's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Corporation's prospects, properties and business detailed elsewhere in the Corporation's disclosure record. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182974