Blacksteel Energy Inc. Announces Additional Amendment to Agreement for the Sale of Girouxville Assets and Shareholder Support Agreements

Calgary, Alberta--(Newsfile Corp. - June 11, 2025) - Blacksteel Energy Inc. ("Blacksteel" or the "Corporation") is pleased to announce that further to its press releases dated March 3, 2025 and May 9, 2025 outlining the sale by the Corporation and its 100% subsidiary Drakkar Energy Ltd. ("Drakkar") of all of its oil producing assets in the Girouxville Area to Perthro (Canada) Inc. ("Perthro") (the "Proposed Transaction"), the parties have agreed to a second amending agreement dated June 10, 2025 (the "Second Amending Agreement").

Under the terms of the Second Amending Agreement, the parties agreed to extend to June 10, 2025 as the date for obtaining a minimum of 42% of the issued and outstanding Blacksteel common shares (the "Common Shares") signing support agreements (the "Support Agreements") agreeing to vote in favour of the Proposed Transaction at the special shareholders' meeting that has been rescheduled for July 11, 2025. Perthro AB continues to agree to provide additional consideration of one million (1,000,000) Class "B" shares under the Proposed Transaction as outlined in Blacksteel's press release of May 9, 2025.

The Proposed Transaction is expected to be completed on or about July 15, 2025 (the "Closing Date"). It is subject to certain customary conditions and approvals, including approval by Blacksteel shareholders at a special meeting of shareholders, regulatory approval and normal course closing adjustments.

Shareholder Support Agreements

Blacksteel announces that it has received Support Agreements from holders of 48,818,437 Common Shares agreeing to vote in favour of the Proposed Transaction. This total amounts to approximately 43.7% of the issued and outstanding Common Shares.

Concerned Shareholders

Blacksteel is also pleased to announced that further to the March 21, 2025 press release issued by a group of shareholders (the "Concerned Shareholders") requesting a reconstitution of the board of directors of Blacksteel, after extensive discussions between the Corporation and the Concerned Shareholders, a resolution has been reached between the parties and the Concerned Shareholders are no longer advocating for a change in the management and board of directors of Blacksteel.

Blacksteel is a junior oil and gas company that explores, develops, and produces petroleum and natural gas resources.

Forward-Looking Information Cautionary Statement: This document contains forward-looking statements regarding the business and operations of Blacksteel. All statements other than statements of historical fact contained herein are forward-looking statements under applicable securities laws. In particular, statements about the Corporation's anticipated transactions are forward-looking. These forward-looking statements are based upon various assumptions. Forward-looking statements are frequently characterized by words such as "plan", "expect," "project", "seek," "intend", "believe", "anticipate", "estimate", "suggest", "indicate," and other similar words or statements that certain events or conditions "may" or "will" occur. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, and, accordingly, no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive therefrom. Forward-looking statements include but are not limited to statements related to the completion of the Proposed Transaction, the payment of Additional Consideration, the expected Closing Date, shareholder approval of the Transaction, regulatory approval of the Transaction and other statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with oil and gas exploration; risks related to the listing and maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drilling results; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration and development results will not be consistent with the Corporation's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Corporation's prospects, properties and business detailed elsewhere in the Corporation's disclosure record. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255238