Blackpool completes private placement

CALGARY, June 6 /CNW/ - Blackpool Exploration Ltd. (the "Company") (BPX.A
- TSX Venture Exchange) announces that on June 2, 2005 it closed on the final
portion of the brokered private placement of units and flow-through shares
announced in the Company's press releases dated March 7, 2005 and May 25, 2005
and Material Change Report dated March 9, 2005. The initial closing occurred
on May 18, 2005 as disclosed in the Company's press release dated May 25,
2005. On June 2, 2005, the Company issued a total of 1,595,000 units for gross
proceeds of $797,500 and 1,014,364 common shares issued on a flow-through
basis for gross proceeds of $557,900.20. Each unit, issued at $0.50, consists
of one common share and a warrant to purchase one half of one common share of
the Company at a price of $0.60 per share on or before December 2, 2006. The
flow-through shares were issued at $0.55 per share. The Company received net
proceeds of $1,257,937.85 after paying the commissions and expenses of the
agents, Woodstone Capital Inc. and Octagon Capital Corporation (the "Agents").
In addition to commissions of $97,155.01, on June 2, 2005 the Agents received
options to purchase 159,500 units at a price of $0.50 per unit, on or before
December 2, 2006 and options to purchase 101,436 common shares at a price of
$0.55 per share on or before December 2, 2006.
Combining the sales of units and flow-through shares issued under the
private placement closings on May 18, 2005 and June 2, 2005, the Company has
issued a grand total of 19,674,953 shares and 6,634,000 warrants and has
granted the agents options to purchase a total of 1,967,495 shares and 663,400
warrants. The Company received a grand total of $10,157,824.15 ($9,382,952.44
net) under this private placement.
The private placement has not resulted in a change of control of the
Company. Insiders of the Company participated in the private placement, but
collectively have purchased fewer than 6 percent of the total number of units
and flow-through shares issued by the company.

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