Blackbird Energy Enters Amending Agreement for Ruger Energy

Blackbird Energy (TSXV:BBI) announced an amending agreement on its proposed acquisition of Ruger Energy Inc.

The Amending Agreement revises the terms of the Securities Exchange Agreement dated September 24, 2012 by reducing the deemed price of the transaction units (each, a “Transaction Unit”) to be issued by Blackbird to the shareholders of Ruger, from $0.12 to $0.101 per Transaction Unit. With each Transaction Unit being comprised of one common share (a “Transaction Share”) and one-half of one share purchase warrant (a “Transaction Warrant”), the price revision will result in an aggregate of 47,143,250 Transaction Shares and 23,571,625 Transaction Warrants being issued.

Blackbird CEO and Director Garth Braun said:

The acquisition of Ruger is transformational for Blackbird, as it diversifies the project base of the Company and strengthens our balance sheet. Post transaction, as an emerging E & P company, Blackbird will have garnered a balanced asset base with a producing oil and gas production mix and lands with development potential. The Company will be well positioned to expand its focus on exploration and development in both the deep basin in West Central Alberta and oil-prone project areas in Saskatchewan.

Click here to read the Blackbird Energy (TSXV:BBI) press release

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