Blackpool arranges additional financing and grants stock options

CALGARY, June 29 /CNW/ - Blackpool Exploration Ltd. ("Blackpool" or the
"Company") (BPX.A - TSX Venture Exchange) has entered into an agreement with
an arms length party for a private placement of 1.8 million flow-through
common shares of the Company at a price of $0.55 per share for total proceeds
of $990,000.00. A hold period of 4 months will apply to the flow-through
shares. No commissions will be paid under the private placement and there will
be no change of control of Blackpool. The private placement is expected to
close on or about July 31, 2005, subject to approval by the TSX Venture
Exchange.
Blackpool also announces that it has granted to its officers, key
employees, directors and a proposed director, subject to his election at the
Annual Meeting to be held on June 30, 2005, stock options to purchase a total
of 1,967,495 common shares of Blackpool at a price of $0.50 per common share
exercisable on or before June 29, 2010, subject to approval by the TSX Venture
Exchange and shareholders of the Company.
At the special meeting of the shareholders to be held on August 18, 2005,
Blackpool's shareholders will be asked to increase the limit on the number of
stock options permitted under the Company's existing stock option plan and to
approve the granting of the above options. The new options represent 10% of
the number of additional shares the Company issued under the Company's
brokered private placement of units and flow-through shares as most recently
described in the Company's June 2, 2005 press release. At the special meeting,
the Company also intends to ask the shareholders to approve a new stock option
plan to replace the existing plan.
The Company's current stock option plan is a fixed number stock option
plan permitting the granting of options up to 20% of the number of issued
shares of the Company with each increase in the fixed number of options
requiring shareholder approval. The new plan, if approved, would be a
"rolling" stock option plan reserving a maximum of 10% of the number of issued
shares of the Company at the time of a stock option grant. The information
circular for the special meeting together with copies of the existing and
proposed stock option plans will be filed on SEDAR in due course.

The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.