Blacksteel Energy Inc. - Alberta Securities Commission Blanket Order 51-519 - Temporary Exemption from Certain Corporate Finance Requirements Update

Calgary, Alberta--(Newsfile Corp. - September 29, 2020) -  Blacksteel Energy Inc. (TSXV: BEY) ("Blacksteel" or the "Corporation") announces an update on the Corporation's continued reliance on Blanket Order 51-519 with respect to the timing for the filing of the 2019 Annual Financial Statements Annual Management Discussion & Analysis and its Statement of Reserves Data and Other Oil and Gas Information, Report on Reserves ‎Data by Independent Qualified Reserves Evaluator, and Report of Management and ‎Directors on Oil and Gas Disclosure for the year ended April 30, 2020 (collectively the "Documents").

Under the continuous disclosure rules of the Alberta Securities Act, Blacksteel is required to file its Documents within 120 days of the April 30, 2020 year-end. As a result of the Covid-19 pandemic, pursuant to Blanket Order 51-519, the Alberta Securities Commission will allow a temporary 45-day filing extension to October 15, 2020.

In order to comply with the temporary filing extension, the Corporation confirms the following:

  1. it will postpone the filing of its Annual Audited Financial Statements for the year ended April 30, 2020 (section 4.2 of National Instrument 51-102), its Annual MD&A (section 5.1(2) of National Instrument 51-102); and its Statement of Reserves Data and Other Oil and Gas Information, Report on Reserves ‎Data by Independent Qualified Reserves Evaluator, and Report of Management and ‎Directors on Oil and Gas Disclosure for the year ended April 30, 2019 (section 2.1 of National Instrument 51-101)‎;

  2. that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207;

  3. the required filing of the Documents is expected to be filed no later than October 15, 2020; and

  4. the following material business developments have occurred since the filing of the Q3 2020 Financial Statements and Management Discussion & Analysis on March 30, 2020.

  • Effective May 1, 2020, the Corporation has cancelled the loans with its directors, Chris Scase, Eugene Chen and Les Treitz (the "Blacksteel Directors") in the amount of $235,000 (the "Loans") in exchange for the cancellation of the Corporation's convertible debentures held by the Blacksteel Directors in the identical amount. The terms of the Loans were substantially on the same terms as the debentures. Details of the original transaction with the Loans were outlined in the Corporation's press release issued on August 4, 2017.

  • Chris Scase resigned as a director of Blacksteel effective August 21, 2020. The Corporation would like to thank Mr. Scase for all of his efforts in supporting Blacksteel over the past years.

  • On September 21, 2020, Jeff Callaway was announced as a director, CEO and President of Blacksteel.

About 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.
Jeff Callaway, President
(403) 540-2408

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. 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. 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.

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