Calgary, Alberta – TheNewswire - June 18, 2025 – Further to the press release issued on May 13, 2025, Blue Sky Global Energy Corp. (“BGE” or the “Company”) (TSXV: BGE) is pleased to announce the below mentioned transactions with Blue Sky Resources Ltd. (“BSR”), who is a non-arm’s length party to the Company.

 

British Columbia and Alberta Assets

 

BGE has entered into a non-binding Letter of Amendment (the “LOA”) dated June 17, 2025, for the following transactions:

 

1. a)the acquisition of the remaining 50% working interest in certain oil and gas assets located in Northeastern British Columbia (BC Assets”), same as previously disclosed in the press release issued on May 13, 2025; 

 

1. b)the acquisition of the following oil and gas properties in the Province of Alberta (collectively referred to at the AB Assets”):  

 

1. 1. i.increased the acquisition of the Utikuma Assets  (“Utikuma”) from 50% working interest (as previously announced in the press release issued on May 13, 2025) to 100% working interest;   

 

1. 1. ii.the acquisition of 100% working interest in the Taber Properties (Taber”) located near the town of Taber – 51 active wells producing approximately 140 bopd of light oil; 

 

1. 1. iii.100% working interest in the Columbia Properties (Columbia”) which are located east of Edmonton – 43 active wells producing approximately 3 mmcfd plus 80 bopd of liquids; and  

 

1. 1. iv.the acquisition of the remaining 50% working interest in certain heavy oil and gas assets located in the Cold Lake area (Heavy Oil Assets”) made up of approximately 384 hectares (representing 100% interest) prospective for the exploration of heavy oil.  BGE announced the purchase of the first 50% interest in a press release dated August 6, 2024. 

 

The total purchase price of the Acquisition has increased from CAD $19,000,000 to CAD $23,000,000 (the “Purchase Price”) and will be paid in cash to BSR, subject to the completion of financing and other customary conditions. Should BGE be unable to obtain funding for the purchase of  the acquisition, BSR shall then provide a Vendor Take Back Loan at Closing.  The Loan shall be for a 2 year term with 10% interest payable per annum. The Purchase Price was negotiated between the directors of BSG and BSR and is based off an independent reserves report.

 

Belize and Indonesian Assets

 

BGE has entered into a non-binding Letter of Intent (the “LOI”), dated June 17, 2025, with an arm’s length party for the sale of its Belize and Indonesian assets.  The arm’s length party will acquire from BGE its wholly owned subsidiaries as follows:

 

1. a)Fire Creek (Barbados) Ltd., which through its wholly owned subsidiary FCRL Belize Ltd. holds the Production Sharing Agreement issued by the Government of Belize on January 28, 2020; and 

 

1. b)Blue Sky Paus Ltd. which holds the Production Sharing Contract issued by the Government of Indonesia on February 27, 2023. 

 

The Purchaser will pay BGE CAD $500,000 cash within 90 days after the Closing Date and shall sign a Promissory Note to reflect the amount owed to BGE.  In addition, BGE shall retain a 3% Gross Over Riding Royalty on the Belize and Indonesia assets.  The Royalty interest shall be documented by BSG’s lawyer and signed by both parties on the Closing date.

 

Terms and Conditions

The Acquisition is subject to shareholder approval(s) as required, standard due diligence procedures, as well as customary representations, warranties, and closing conditions. The transaction remains subject to the approval of the TSX Venture Exchange (the “TSXV”) and the successful completion of financing by BGE.

BSR is controlled by a Control Person and Insider of BSG and thus BSR is a "related party" to the Company. The Acquisition is expected to be subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and BSR is considered a "Non-Arm's Length Party" pursuant to the policies of the TSXV. As a result, closing of the Acquisition is subject to, among other things: (i) absent exemptions, formal valuation and minority shareholder approval pursuant to MI 61-101; and (ii) the approval of the TSXV.

Trading in the common shares of the Company has been halted, and will remain halted, pending review and approval of the Acquisition by the TSXV.

No finder’s fees are to be paid in connection with the Acquisition.

About Blue Sky Global Energy Corp.

The Company is a publicly traded entity listed on the TSXV under the symbol “BGE” with oil and assets in Canada, Indonesia and Belize. BGE holds a 50% non-operated interest in producing assets in Northeastern British Columbia. The Company holds a Production Sharing Contract over the Paus Block with an area of approximately 8,214 square kilometers located offshore East Natuna, Indonesia. In Belize the Company has a Production Sharing Agreement with the Government of Belize comprised of approximately 180,000 acres of land in the Corozal Basin which may hold prospective oil and gas resources, and which so far includes on discovery, the SBC field.

 

For Further Information

Blue Sky Global Energy Corp.

Mohammad Fazil

President, Chief Executive Officer, Corporate Secretary and Director

Email: mofazil@gmail.com

Phone Number: +1 (403) 613-7310

  

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

 

Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include: information relating to the Acquisition; and the exploration and development of the company’s assets. Such statements and information reflect the current view of the Company. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.

The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

 

THE TSXV HAS IN NO WAY PASSED UPON THE MERITS OF THE ACQUISITION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.

 

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.

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