Calgary-based Blue Sky Global Energy Corp. (TSXV: BGE) has recently revealed its plans for a proposed acquisition of heavy oil assets in Alberta. The company has entered into a letter of intent with Blue Sky Resources Inc. (BSR) for the purchase of 50% of certain heavy oil assets located in the Cold Lake area of Alberta. The acquisition is subject to customary closing conditions, including due diligence, board approvals, regulatory approvals, and approval by the TSX Venture Exchange.
The heavy oil assets, covering approximately 192 hectares, offer significant potential for the exploration of heavy oil. Blue Sky Global Energy Corp. intends to acquire the assets from BSR for a cash purchase price of $307,839.50, subject to adjustments as required by the parties. The assets will continue to be operated by BSR, with Blue Sky Global Energy Corp. having the right to take over operatorship once the necessary regulatory approvals are obtained.
As the proposed acquisition involves a related party transaction, Blue Sky Global Energy Corp. is required to obtain a formal valuation and minority approval. However, it is anticipated that the transaction may be exempt from these requirements under certain sections of the Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101). The company will comply with internal controls, regulatory requirements, and TSXV Policies and securities laws.
Blue Sky Global Energy Corp., listed on the TSX Venture Exchange under the symbol ‘BGE’, is primarily focused on its assets in the Corozal Basin in Belize, which may hold prospective oil and gas resources. The company also holds a non-operating interest in Northeastern British Columbia and has a production sharing contract for an offshore area in East Natuna, Indonesia.
For more information about the proposed acquisition and Blue Sky Global Energy Corp., please contact Mohammad Fazil, President, Chief Executive Officer, Corporate Secretary and Director of Blue Sky Global Energy Corp., at mfazil@bsge.ca or +1 (403) 613-7310.