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Blue Sky Enters Into Letter of Intent for the Purchase of Oil and Gas Assets in BC and Alberta
(TheNewswire) Calgary, Alberta – TheNewswire - May 9, 2025 – Blue...
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[{"type":"text","content":"Blue Sky Enters Into Letter of Intent for the Purchase of Oil and Gas Assets in BC and Alberta\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n Calgary, Alberta –\n \n\n TheNewswire -\n \n\n May 9, 2025 –\n \n\n Blue\nSky Global Energy Corp.\n \n\n (“\n \n\n BGE\n \n\n ”\n \n\n or\n \n\n the\n \n\n “\n \n\n Company\n \n\n ”)\n \n\n (\n \n\n TSXV:\n \n\n BGE\n \n\n ) is pleased to\n \n\n announce that it has entered into a Letter of\nIntent (the “\n \n\n LOI\n \n\n ”) dated May 6, 2025, with Blue Sky Resources Ltd.\n(“\n \n\n BSR\n \n\n ”) a non-arm’s length party, for the acquisition of the\nremaining 50% interest in certain oil and gas assets located in\nNortheastern British Columbia (“\n \n\n BC Assets\n \n\n ”) and a\n50% interest in certain oil and gas assets  located in Alberta\n (“\n \n\n Alberta\nassets\n \n\n ”), collectively referred to as the\n“\n \n\n Acquisition\n \n\n .” The total purchase price is CDN $19,000,000 (the\n“\n \n\n Purchase Price\n \n\n ”), subject to the completion of financing and other\ncustomary conditions.\n \n\n\n\n BC Assets\n \n\n\n\n Under the terms of the LOI, BGE will acquire the\nremaining 50% working interest in the BC Assets, bringing its total\nownership to 100%. BGE will also assume operatorship of the assets.\nThe Company previously acquired the initial 50% interest in these\nassets, as announced in the press release dated May 28, 2024.\n \n\n\n\n Alberta Assets Overview\n \n\n\n\n The Alberta Assets are comprised of high-quality, light\noil properties characterized by the following hightlights:\n \n\n\n\n\n\n Multi-zone production from 64 wells\n \n\n\n\n\n\n 97% light sweet oil, with an API gravity of\n38-41\n \n\n\n\n\n\n Currently production of approximately 130 barrels of\noil equivalent per day (boepd), predominantly from the Keg River and\nGilwood formations\n \n\n\n\n\n\n Approximately 14,000 net continuous acres\n \n\n\n\n\n\n Strong seismic coverage across the asset base\n \n\n\n\n\n\n Established infrastructure with significant excess oil\nhandling capacity\n \n\n\n\n\n\n\n\n Terms\nand Conditions\n \n\n\n\n The Acquisition is subject to standard due diligence\nprocedures, as well as customary representations, warranties, and\nclosi...