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BLACKSTEEL PROVIDES UPDATES ON DEVON AREA WELL

^{Published on 2011-06-14 08:55:41 - Market Wire}
 

Trading Symbol: BEY - TSX: V

CALGARY, June 14, 2011 /CNW/ - Blacksteel Energy Inc. ("Blacksteel" or the "Company") is pleased to report that the Devon, Alberta area oil well in which the Company has a 23.33% working interest before payout and 15.55% after payout is now on production.

The well was drilled in July 2010, tested in August 2010, equipped with a separator and metering facilities in March 2011, tied into local oil and gas facilities in March 2011, and equipped with a pump jack in June 2011. The Company also reports that it has recently purchased 512 hectares gross (166 hectares net) of Crown petroleum and natural gas ("P&NG") leases in the Devon area near its producing well. 

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, a working interest in a producing oil well in the Devon area of central Alberta and a 100% working interest in a 4 section P&NG lease in the Del Bonita Area of Southern Alberta.

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, including without limitation, its expectations regarding the timing for its shares to resume trading, are expressly qualified in their entirety by this cautionary statement and are made as of the date of this news release. The resumption of trading of the Company's shares is subject to regulatory policy and procedures which are not necessarily in the control of the Company. 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.