CALGARY, Alberta, Dec. 19, 2018 (GLOBE NEWSWIRE) -- (TSX-V: BBI) Blackbird Energy Inc. (“Blackbird” or the “Company”) is pleased to announce that its shareholders (the “Blackbird Shareholders”) have approved the previously announced strategic combination of Blackbird and Pipestone Oil Corp. (the “Transaction”) at a special meeting held today, by a majority of over 99% of votes cast. The Blackbird Shareholders also approved the continuance of Blackbird from British Columbia into Alberta (the “Continuance”), which is necessary for the Transaction to proceed as proposed. The Transaction will result in the strategic combination of two adjacent and contiguous Pipestone Montney land bases under a single well-capitalized, high growth company that will operate under the name Pipestone Energy Corp. (“Pipestone Energy”).
“We are very pleased to report the significantly positive outcome from today’s special meeting. Thanks to the continued support of our shareholders we are positioned to complete a transformative transaction that is expected to deliver significant growth and value creation in a highly challenged time for our domestic energy industry. As a pro-forma company, Pipestone Energy will have significant scale, diversified access to processing and a combined potential value that we believe is far greater than the sum of the parts,” said Garth Braun, President, CEO and Chairman of Blackbird.