BEY Blacksteel Energy Inc

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Blacksteel Energy Inc. (TSX VENTURE:BEY) ("Blacksteel" or the "Corporation")
announces that pursuant to an agreement dated October 4, 2011, it has sold its
100% working interest in 22 sections of Crown oil sands leases (the "Oil Sands
Assets") in the Peace River area of northern Alberta to a private purchaser for
cash consideration of $400,000. 


The Oil Sands Assets are comprised of five sections of Bluesky bearing regional
sand located approximately 35 kilometers north east of Peace River and seventeen
sections of Mississippian Debolt formation located approximately 40 kilometers
north of Peace River. 


Curtis Hartzler, President and Chief Executive Officer of the Corporation stated
that "With the recent changes in the Corporation's management and board of
directors and the sale of Blacksteel's oil sands assets, the Corporation is
focusing on evaluating a number of drilling and acquisition opportunities for
oil and liquids rich natural gas in the Western Canadian Sedimentary basin". 


Blacksteel is a junior oil and gas company involved in the exploration,
exploitation, development and production of petroleum and natural gas resources.
The Corporation has a working interest in a natural gas producing property in
the Grassland area of Alberta, a working interest in a producing oil well in the
Devon area of central Alberta and a 100% working interest in a four section
petroleum and natural gas lease in the Del Bonita Area of Southern Alberta.


Forward-Looking Information Cautionary Statement: This document contains
forward-looking statements regarding the business and operations of Blacksteel.
All statements other than statements of historical fact contained herein are
forward-looking statements under applicable securities laws. In particular,
statements as to the Corporation's anticipated operational and drilling plans
and acquisition opportunities are forward-looking statements. These
forward-looking statements are based upon various assumptions as to future well
production rates, well drainage areas, success rates, timing and costs of future
well drilling, the availability of capital and future costs and availability of
labour and services, all of which involve substantial known and unknown risks,
uncertainties and assumptions, certain of which are beyond the Corporation's
control. Such risks, uncertainties and assumptions include, without limitation,
oil and gas exploration, development, exploitation, production, marketing,
processing and transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations (including
the adoption of new environmental laws and regulations) and changes in how they
are interpreted and enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. 


The Corporation's actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurances can be given that any of the plans,
intentions or expectations anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits that the Corporation
will derive there from. Readers are cautioned that the foregoing list of factors
is not exhaustive. Additional information on these and other factors that could
affect the Corporation's operations and financial results are included in
reports on file with the Canadian securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com). All subsequent
forward-looking statements, whether written or oral, attributable to the
Corporation or persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Furthermore, the forward-looking
statements contained in this news release are made as at the date of this news
release and the Corporation does not undertake any obligation to update publicly
or to revise any of the included forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be required by
applicable securities laws.


Not for distribution to U.S. Newswire Services or for dissemination in the
United States of America. Any failure to comply with this restriction may
constitute a violation of U.S. Securities Laws.

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