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Calgary, Alberta–(Newsfile Corp. – November 13, 2023) – Blacksteel Energy Inc. (“ Blacksteel ” or the “ Corporation “) is pleased to announce the following operational update. Operational Update Blacksteel started field development work at Girouxville in November of 2022 to upgrade the facilities to comply with appropriate operational standards and install upgrades capable of processing additional fluid and oil volumes. These activities were completed in April 2023 and now provide the capacity to process the increase in production volumes associated with Blacksteel’s planned production growth. Blacksteel remains focused on its business plan of evaluating and capturing Canadian-based oil assets or corporate acquisitions that provide significant immediate and accretive growth per share basis to Blacksteel’s current reserves, future development upside potential, production, and cash flow. The Corporation will seek to raise additional capital to support these growth initiatives. In addition, Blacksteel’s senior management intends to use its experience in the oil and gas sector to explore for additional opportunities and significantly raise Blacksteel’s ability to grow new development capital. As a result of bringing the Blacksteel wells and production facilities into compliance and implementing the appropriate upgrades, production is now stable at 105 barrels of oil equivalent per day, […]
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