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BLACKSTEEL PROVIDES UPDATE ON ALBERTA BAKKEN ACTIVITY NEAR ITS ACREAGE

^{Published on 2011-03-23 09:50:35 - Market Wire}
 

Trading Symbol: BEY - TSX: V

CALGARY, March 23 /CNW/ - Blacksteel Energy Inc. ("Blacksteel" or the "Company") is pleased to report that a horizontal well is currently being drilled approximately one mile east of its 2,560 acres of Crown petroleum and natural gas (P&NG) rights in the Alberta Bakken emerging oil play in Southern Alberta.  The operator of this well has also licensed 2 additional wells approximately 6 miles north west of Blacksteel's lands.  Of the 23 wells that have either been licensed or drilled on this play in Alberta, 11 are within a 12 mile radius of Blacksteel's lands.

Jacques Soroka, President and CEO says: "Approximately $500 million has been spent by various companies on this emerging play so far.  With working capital and no debt on the balance sheet, Blacksteel is in a position to capitalize on this Bakken play."

Blacksteel is a junior oil and gas company. Its principal business activity is the exploration, exploitation, development and production of petroleum and natural gas resources in Alberta. The Company has a 100% working interest in 22 sections of Crown oil sands leases in the Peace River area of northern Alberta, a working interest in a natural gas producing property in the Grassland area of Alberta, has a working interest in an oil well in the Devon area of central Alberta and has a 100% working interest in a 4 section P&NG lease in the Del Bonita Area of Southern Alberta.

BLACKSTEEL ENERGY INC.

(signed) "Jacques Soroka" 
Jacques Soroka, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of the Company may be affected by a variety of variables and risks associated with oil and gas exploration, production and transportation and, as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements. 

The Company's forward-looking statements, if any, are expressly qualified in their entirety by this cautionary statement and are made as of the date of this news release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, event, results or circumstances or otherwise.