Blacksteel Energy Inc. Announces Appointment of New Chief Executive Officer and Chief Operating Officer

Calgary, Alberta--(Newsfile Corp. - March 21, 2024) - Blacksteel Energy Inc. ("Blacksteel" or the "Corporation") announces that Mr. Duncan Nightingale has resigned as President, Chief Executive Officer, and Director of the Corporation for personal reasons.

Blacksteel is pleased to announce that Arthur Madden, the Corporation's Chief Financial Officer, has agreed to assume the position of President and Chief Executive Officer of the Corporation and join the board of directors. In addition, the Corporation has appointed Mr. John McLeod as Chief Operating Officer.

Mr. Arthur Madden, CMA, CPA, MBA, ICD.D., brings over 40 years of experience as a Director, Advisor and Chief Financial Officer with international capital markets experience for private and public entities in Canada, Argentina, Russia, USA, and the Middle East. Mr. Madden has proven abilities in strategic planning, capital markets, value creation, and environmental, social, and corporate governance for public and private companies, including start-ups and initial public offerings. He is a previous director of Painted Pony Energy, a rapidly growing producer in Canada's Montney hydrocarbon play.

Mr. John McLeod, P.Eng., has over 40 years of technical, operational and management experience in the upstream oil and gas industry, both domestic and international. He spent 15 years with Amoco Canada in Canada and the USA, including four years as Chief Engineer. In addition to his North American experience, he has been involved in international exploration, development, and EOR projects. He has been a director of several international oil companies, including Heritage Oil Plc. He has held the positions of President and CEO of several international public companies, including Arakis Energy Corp in Sudan, Rally Energy Corp. in Egypt, and United Hydrocarbon International Corp in Chad. He has served as an officer and director of several Canadian public and private energy companies. John is a member and a Past President of the Association of Professional Engineers and Geoscientists of Alberta (APEGA) and a member of the Society of Petroleum Engineers (SPE).

Arthur Madden stated, "I am thrilled to take on this additional responsibility as president and CEO of the company. Adding Mr. McLeod provides Blacksteel with the expertise needed to optimize growth opportunities. I strongly believe that our team can propel Blacksteel's growth and prosperity."

Blacksteel Energy would like to thank Mr. Nightingale for his tireless contributions and guidance over the past few years, which enabled the Corporation to move forward and consolidate its current asset base. The Corporation wishes him all the best in his future endeavours and is appreciative that he has agreed to stay on as a consultant and advisor.

Blacksteel Energy Inc.

Blacksteel is a junior oil and gas company that explores, develops, and produces petroleum and natural gas resources.

Arthur Madden
President and CEO
(403) 473-8547
arthur@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 about the Corporation's anticipated transactions are forward-looking. 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. 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 therefrom. 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 associated with 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 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.

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