Correction Press Release: Blue Sky Enters Into Letter of Intent for the Purchase of Oil and Gas Assets in BC And Alberta

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[{"type":"text","content":"Correction Press Release: 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 1\n \n\n 3\n \n\n , 2025 –\n \n\n Blue Sky 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 non-binding\nLetter of Intent (the “\n \n\n LOI\n \n\n ”) dated May 8, 2025, with Blue Sky\nResources Ltd. (“\n \n\n BSR\n \n\n ”), who is a non-arm’s length party to\nthe Company, for the acquisition of the remaining 50% interest in\ncertain oil and gas assets located in Northeastern British Columbia\n(“\n \n\n BC Assets\n \n\n ”) and a 50% interest in certain oil and gas assets located\nin Alberta  (“\n \n\n Alberta\nassets\n \n\n ” and collectively referred to herein as\nthe “\n \n\n Acquisition”)\n \n\n . The total purchase price of\nthe Acquisition is CDN $19,000,000 (the “\n \n\n Purchase Price\n \n\n ”)\nand will be paid in cash to BSR, subject to the completion of\nfinancing and other customary conditions. The Purchase Price was\nnegotiated between the directors of BSG and BSR and is based off an\nindependent reserves report.\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 as the Company\npreviously closed the acquisition of the initial 50% interest in the\nBC assets from BSR on May 28, 2024, and assuming closing of the\nAcquisition this will bring BSG’s total ownership in the BC Assets\nto 100%. BGE will also assume operatorship of the BC Assets as well.\n \n\n\n\n Alberta Assets\n \n\n\n\n The Alberta Assets are comprised of high-quality, light\noil properties characterized by the following highlights:\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 American Petroleum\nInstitute (API) gravity of 38-41\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 14,0...

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