BBI Blackbird Energy

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird") and Pennant Energy Inc.
(TSX VENTURE:PEN) ("Pennant") are pleased to announce that they have obtained an
Interim Order (the "Interim Order") of the Supreme Court of British Columbia
(the "Court") with respect to their proposed plan of arrangement (the
"Arrangement") pursuant to the Business Corporations Act (British Columbia) (the
"Act"). The TSX Venture Exchange ("TSXV") has also conditionally approved the
Arrangement. 


As announced in the companies' joint news release dated February 18, 2014,
Blackbird and Pennant entered into an arrangement agreement dated February 17,
2014 (the "Arrangement Agreement"), whereby Blackbird will acquire all of the
outstanding shares of Pennant from the shareholders of Pennant (the "Pennant
Shareholders") in exchange for common shares of Blackbird on the basis of one
common share of Pennant for 0.42857 of one common share of Blackbird (the
"Transaction"). The Transaction is expected to result in Pennant becoming a
wholly-owned subsidiary of Blackbird and Blackbird continuing to trade on the
TSX Venture Exchange under the trading symbol "BBI". The consolidated entity is
expected to carry on business as an oil and liquids focused emerging producer.


The closing of the Transaction ("Closing") remains subject to a number of
conditions, including the receipt of the requisite shareholder approval, final
approval of the Supreme Court of British Columbia and the TSX Venture Exchange,
and satisfaction of certain other closing conditions that are customary for a
transaction of this nature. 


A special meeting of shareholders of Pennant (the "Pennant Shareholders") will
be held at 10:00 a.m. (Vancouver time) on April 4, 2014 at Suite 900 - 885 West
Georgia Street, Vancouver, British Columbia (the "Pennant Meeting"). At the
Pennant Meeting, the Pennant Shareholders will be asked to approve the
Arrangement. The Arrangement will need to be approved by not less than 66 2/3%
of the votes cast by disinterested Pennant Shareholders, voting in person or by
proxy at the Pennant Meeting. Registered shareholders of Pennant may exercise
rights of dissent in connection with the Transaction in accordance with the
Arrangement Agreement and Sections 237 to 247 of the Act. It is a condition to
Closing that dissent rights shall not have been exercised with respect to more
than 5% of the issued and outstanding Pennant Shares. The Closing is expected to
occur within ten days after the Pennant Meeting, provided that all shareholder,
court and regulatory approvals are obtained and that all other conditions to
Closing have been satisfied.


Pennant has filed its Notice and Information Circular and related meeting
materials (collectively, the "Meeting Materials") in connection with the Pennant
Meeting on SEDAR at www.sedar.com under Pennant's profile. The Meeting Materials
include a fairness opinion dated March 4, 2014 (the "Fairness Opinion") which
has been prepared for the special committee of the board of directors of Pennant
by Stephen Semeniuk, CFA. In the Fairness Opinion, Mr. Semeniuk concluded that,
subject to the assumptions, qualifications and limitations contained in the
Fairness Opinion, as of March 4, 2014, the Arrangement was fair, from a
financial point of view, to the Pennant Shareholders. Reference should be made
to the full text of the Fairness Opinion which is included at Schedule "E" to
the Information Circular included in the Meeting Materials.


Further Information 

Blackbird Energy Inc. is a Western Canadian based company that explores,
develops and produces oil and natural gas in Western Canada. The Company is
managed by a proven technical team. Blackbird trades on the TSX Venture Exchange
under the symbol BBI. Blackbird's team is focused on originating new high
quality oil projects through the assembly of land positions in Saskatchewan and
Alberta.


Pennant is an oil and liquids focused development and production company with
non-operated assets located in Saskatchewan, and Alberta.


Further information about Blackbird and Pennant may be found in their respective
continuous disclosure documents filed with Canadian securities regulators under
each of their profiles on SEDAR at www.sedar.com. A copy of the Arrangement
Agreement will be available under both Blackbird and Pennant's profiles on SEDAR
at www.sedar.com. In addition, a detailed description of the Arrangement
Agreement and the Transaction will be included in the management information
circular which will be mailed to Pennant shareholders in advance of the Pennant
Meeting and will be filed under Pennant's profile on SEDAR at www.sedar.com. 


Disclaimer for Forward-Looking Statements 

Certain information included in this press release constitutes forward-looking
information under applicable securities legislation. Forward-looking information
typically contains statements with words such as "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "project" or similar words
suggesting future outcomes or statements regarding an outlook, or statements
that certain events or conditions "may" occur. Forward-looking information in
this press release includes, but is not limited to, statements regarding the
expectations of management of Blackbird and Pennant regarding: (i) the
Arrangement; (ii) completion of the Arrangement; (iii) the pro-forma
consolidated company resulting from the Arrangement; (iv) the Pennant Meeting;
(v) timing for the Pennant Meeting, and (vi) timing for Closing. Although
Blackbird and Pennant believe that the expectations reflected in the
forward-looking information are reasonable, there can be no assurance that such
expectations will prove to be correct. Such forward-looking statements are
subject to risks and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the statements
including, without limitation, the risks that: (1) the Arrangement may not be
completed for any reason whatsoever, including that the shareholder, court
and/or regulators may not approve the Transaction; (2) the Pennant Meeting may
not occur as scheduled or at all; (3) the Closing may not occur as scheduled or
at all; and (4) shareholder, Court or TSXV approval may not be obtained for any
reason whatsoever.

Although Blackbird and Pennant believe that the expectations reflected in its
forward-looking information are reasonable, undue reliance should not be placed
on forward-looking information because Blackbird and Pennant can give no
assurance that such expectations will prove to be correct. In addition to other
factors and assumptions which may be identified in this press release,
assumptions have been made regarding and are implicit in, among other things,
the timely receipt of any required regulatory approvals (including Court and
shareholder approvals). Readers are cautioned that the foregoing list is not
exhaustive of all factors and assumptions which have been used. Forward-looking
information is based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause actual results to
differ materially from those anticipated by Blackbird and Pennant and described
in the forward-looking information. The forward-looking information contained in
this press release is made as of the date hereof and Blackbird and Pennant
undertake no obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events or otherwise,
unless required by applicable securities laws. The forward looking information
contained in this press release is expressly qualified by this cautionary
statement. 


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy securities in the United States, nor shall there be any sale of
the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful. The Blackbird Shares to be offered have not been, and will
not be, registered under the U.S. Securities Act of 1933, as amended and may not
be offered or sold in the United States or to a U.S. person absent registration
or an applicable exemption from the registration requirements. 


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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Brisco Capital Partners Corp.
Katrin Tosine
Director of Investor Relations
(647) 388-4984
kat@briscocapital.com


Pennant Energy Inc.
Garth Braun
President and CEO
(604) 688-2295


Pennant Energy Inc.
Doren Quinton
Investor Relations
(250) 377 1182
www.pennantenergy.com


Blackbird Energy Inc.
Garth Braun
President and CEO
(604) 688-2295


Blackbird Energy Inc.
Joshua Mann
Vice President, Business Development
(403) 390-2144
www.blackbirdenergyinc.com

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