2010-04-09-2010-02-18-2010-02-18

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
1MM
Description

Acquired 22.2% WI in Alberta assets through farm-in agreement.

Blacksteel Energy Inc., Calgary, (Toronto Venture: BEY) has acquired working interests in Alberta assets from an undisclosed private company based in Calgary in exchange for drilling commitments estimated at C$500,000.

Under the farm-in agreement, Blacksteel earns a 22.22% interest in a Devon Energy Corp. (NYSE: DVN) property targeting the Leduc oil formation in exchange for 33.33% of well costs.

A non-arm's length private company led by Blacksteel director Chris Scase has agreed to pay C$150,000 for 30% of Blacksteel's interest in the farm-out (6.67% total). As a result, Blacksteel will earn a 15.55% working interest for 23.33% of the associated costs, decreasing its total cost to $350,000.