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Calgary, Alberta – TheNewswire - August 6, 2024 – Blue Sky Global Energy Corp. (“Blue Sky” or the “Company”) (TSXV: BGE) is pleased to announce it entered into a letter of intent, dated November 27, 2023, with Blue Sky Resources Inc. (“BSR”) for the acquisition of 50%  of certain heavy oil assets in Alberta (as further set out below), and proposes to acquire such assets pursuant to a definitive purchase agreement (“Assets”) (the “Proposed Acquisition”). The Proposed Acquisition is subject to customary closing conditions such as due diligence, board approvals, regulatory approvals and is subject to approval by the TSX Venture Exchange (the “TSXV”).

Heavy Oil Assets

The Assets are located in the Cold Lake area of Alberta and are made up of approximately 192 hectares (BSG’s 50% net interest) prospective for the exploration of heavy oil. The Assets will continue to be operated by BSR and are being acquired from BSR for a purchase price of $307,839.50 (to be paid in cash), subject to adjustments, as may be required by the parties (“Purchase Price”).  No shares will be issued as consideration for the Proposed Acquisition. The Company has the right to take over operatorship of the assts if and when requisite regulatory approvals are obtained.

The Proposed Acquisition is expected to be considered a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions  (“MI 61-101”) by virtue of the fact that BSR is an Insider of BSG, thereby necessitating that BSG obtain a formal valuation for, and minority approval of, the Proposed Acquisition in the absence of exemptions from such requirements, however, it is anticipated that this related party transaction may be exempt from the formal valuation and minority approved requirements pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 respectively, as neither the fair market value of the subject matter, nor the fair market value of the consideration, will exceed 25% of the Company’s market capitalization, as calculated in accordance with MI 61-101. The Company may file a material change report prior to or upon completion of the Proposed Acquisition, if and as required, and the Proposed Acquisition does not result in any new insider or control person being created for the Company.

BSG will comply with internal controls, regulatory requirements, and TSXV Policies and requested mandates regarding the Proposed Acquisition as it is considered a ‘related party transactions’ pursuant to TSXV Policies and securities laws.

There are no finder’s fee or commissions being provided in connection with the Proposed Acquisition.

About Blue Sky Global Energy Corp.

The Company is a publicly-traded entity listed on the TSXV under the symbol “BGE” with assets which are comprised primarily of approximately 180,000 acres of land (“Contracting Area”) located in the Corozal Basin in Belize which may hold prospective oil and gas resources, and which so far includes one discovery, the SBC field. The SCB field contains four wells, two of which have been tested, the SCB#1 and the SCB#2 wells. A wholly owned subsidiary of the Company has entered into a Production Sharing Agreement (“PSA”) with the Government of Belize.  Pursuant to the PSA, this wholly owned subsidiary of the Company holds a 100% contractor position in the Contracting Area and has the exclusive right to conduct all petroleum operations within the Contracting Area. BSG also hold a 50% non-operating interest in 600 boed (on a net basis) in Northeastern British Columbia and through its whole owned subsidiary holds a production sharing contract on an area covering 8,214 square kilometers that is offshore East Natuna, Indonesia, known as the “Paus Block”.

For More Information

Blue Sky Global Energy Corp.

Mohammad Fazil

President, Chief Executive Officer, Corporate Secretary and Director

Email: mfazil@bsge.ca

Phone Number: +1 (403) 613-7310

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include: information relating to the Proposed Acquisition; and the exploration and development of the company’s assets. Such statements and information reflect the current view of the Company. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.

The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.