Blackbird Energy Letter of Intent for Acquisition of Oil and Gas Division of United Arab Emirates Investment Fund Expires
19 10월 2010 - 4:22AM
Marketwired
Blackbird Energy Inc. (TSX VENTURE: BBI) ("Blackbird" or the
"Corporation"), announces that the letter of intent entered into
with Thani Emirates Petroleum Cooperatif U.A. for the acquisition
of its Oil and Gas division, as operated through Thani Netherlands
Holding B.V. (the "Acquisition") has expired and the parties will
not be proceeding to a definitive agreement. The Acquisition was to
consist of Blackbird acquiring Thani Netherlands Holding B.V.
("TNH") from Thani Emirates Petroleum Cooperatief U.A.
Garth Braun, Blackbird CEO, stated, "Blackbird has worked
diligently towards the definitive purchase agreement and arranging
the required financing, however certain key issues remained
unresolved that could not be rectified prior to expiration of the
letter of intent. Specifically, we were not able to obtain comfort
on certain key issues, most importantly one raised late in the
process where the selling group had requested a provision in the
agreement which would potentially increase their interest on a post
closing basis, based upon certain conditions that we could not
accept and that we felt would be unfairly dilutive to current
shareholders. This is of course very disappointing, but our
directors and officers will continue their tireless efforts to
indentify additional opportunities to enhance shareholder
value."
About Blackbird
Blackbird's wholly-owned subsidiary Blackbird Energy LLC
("Blackbird Energy") holds a 75% interest in 3,857 acres of
leasehold land located in Gray County, Texas known locally as the
"Mathers-Gordon Prospect". The Mathers-Gordon Prospect is a multi
pay oil and gas prospect. Blackbird Energy is the operator of the
prospect. In addition, Blackbird plans to actively look for further
oil and gas properties for acquisition or potential joint
ventures.
On behalf of the board of BLACKBIRD ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company's identification of additional opportunities for the
Company. Forward-looking statements consist of statements that are
not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a downturn in
general economic conditions in North America and internationally,
(2) the inherent uncertainties and speculative nature associated
with oil and gas exploration and production, (3) a decreased demand
for natural gas, (4) any number of events or causes which may delay
or cease exploration and development of the Company's property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems; (5) the risk that
the Company does not execute its business plan, (6) inability to
retain key employees, (7) inability to finance operations and
growth, and (8) other factors beyond the Company's control. These
forward-looking statements are made as of the date of this news
release and, except as required by law, the Company assumes no
obligation to update these forward-looking statements, or to update
the reasons why actual results differed from those projected in the
forward-looking statements.
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this press release. 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.
Contacts: Blackbird Energy Inc. Dwane Brosseau 604.662.4955
dbrosseau@blackbirdenergyinc.com www.blackbirdenergyinc.com
Blackbird Energy Inc. (TSXV:BBI)
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