Blacksteel Energy Inc. Announces Additional Amendment To Agreement For The Sale Of Girouxville Assets And Shareholder Support Agreements

(MENAFN- Newsfile Corp) Calgary, Alberta--(Newsfile Corp. - June 11, 2025) - Blacksteel Energy Inc. (" Blacksteel " or the " Corporation ") is pleased to announce that further to its press releases dated March 3, 2025 and May 9, 2025 outlining the sale by the Corporation and its 100% subsidiary Drakkar Energy Ltd. (" Drakkar ") of all of its oil producing assets in the Girouxville Area to Perthro (Canada) Inc. (" Perthro ") (the " Proposed Transaction "), the parties have agreed to a second amending agreement dated June 10, 2025 (the " Second Amending Agreement ").

Under the terms of the Second Amending Agreement, the parties agreed to extend to June 10, 2025 as the date for obtaining a minimum of 42% of the issued and outstanding Blacksteel common shares (the " Common Shares ") signing support agreements (the " Support Agreements ") agreeing to vote in favour of the Proposed Transaction at the special shareholders' meeting that has been rescheduled for July 11, 2025. Perthro AB continues to agree to provide additional consideration of one million (1,000,000) Class "B" shares under the Proposed Transaction as outlined in Blacksteel's press release of May 9, 2025.

The Proposed Transaction is expected to be completed on or about July 15, 2025 (the " Closing Date "). It is subject to certain customary conditions and approvals, including approval by Blacksteel shareholders at a special meeting of shareholders, regulatory approval and normal course closing adjustments.

Shareholder Support Agreements

Blacksteel announces that it has received Support Agreements from holders of 48,818,437 Common Shares agreeing to vote in favour of the Proposed Transaction. This total amounts to approximately 43.7% of the issued and outstanding Common Shares.

Concerned Shareholders

Blacksteel is also pleased to announced that further to the March 21, 2025 press release issued by a group of shareholders (the " Concerned Shareholders ") requesting a reconstitution of the board of directors of Blacksteel, after extensive discussions between the Corporation and the Concerned Shareholders, a resolution has been reached between the parties and the Concerned Shareholders are no longer advocating for a change in the management and board of directors of Blacksteel.

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

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