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 shareholders of
Pennant have approved the proposed business combination of Blackbird and Pennant
(the "Transaction") at the meeting of shareholders of Pennant held on April 4,
2014, with 98.5% of the Pennant shareholders appearing at the meeting voting in
favour of the Transaction. 


"Blackbird has taken another significant step forward in completing this high
quality acquisition which it expects to result in synergies and increased value
by combining the Bigstone Montney and Mantario interests and the opportunity to
participate in a growth-oriented emerging oil and liquids producer. With the
closing of the Transaction, Blackbird will continue to focus its strategy of
growth through acquisitions and the drill bit. Blackbird's growth model is to
focus on originating high quality oil projects and identifying undervalued
accretive assets," said Garth Braun, President and Chief Executive Officer of
Blackbird.  


As previously announced on February 18, 2014, Blackbird and Pennant have 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 shares of Blackbird on the basis of one Pennant share for 0.42857
corresponding shares of Blackbird. The Transaction is structured as a plan of
arrangement (the "Arrangement") pursuant to the Business Corporations Act
(British Columbia), and 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 Transaction is intended to provide Pennant Shareholders with the synergies
and increased value of combining the Bigstone Montney and Mantario interests and
the opportunity to participate in a growth-oriented emerging oil and liquids
producer. In addition, the Transaction is intended to advance Blackbird's stated
business plan of growth through acquisitions, with a management team that has
had success growing and selling emerging producers. Following the Closing,
Blackbird will continue to be led by its existing management team and board of
directors. The Blackbird management team is led by Garth Braun as President and
Chief Executive Officer, Darrell Denney as Chief Operating Officer, Ron Schmitz
as Chief Financial Officer, Joshua Mann as Vice President, Business Development,
and Ralph Allen as Vice President, Exploration.  


The closing of the Transaction (the "Closing") remains subject to final approval
of the TSX Venture Exchange and of the Supreme Court of British Columbia. The
final hearing with respect to the Transaction is scheduled to be heard by the
Supreme Court of British Columbia at the courthouse at 800 Smith Street,
Vancouver, British Columbia V6Z 2E1 on April 10, 2014 at 9:45 a.m. (Vancouver
time). 


Additional information regarding the Transaction and the backgrounds of the
directors and officers of Blackbird is included in the management information
circular dated March 10, 2014 of Pennant (the "Information Circular"), a copy of
which is available on SEDAR under Pennant's profile. 


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 is 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 was included in the Information Circular. 


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 assets of the
resulting issuer; (v) management of the resulting issuer; and (vi) the final
hearing of the Supreme Court of British Columbia with respect to the
Transaction. 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 court and/or
regulators may not approve the Transaction; (2) the resulting issuer may not
benefit from the synergies outlined in this press release; and (3) the
management of the resulting issuer may be different than expected. 

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 TSX
Venture Exchange 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: 
Pennant Energy Inc.
Garth Braun
President and CEO
(587) 538-0383


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


Brisco Capital Partners Corp.
Katrin Tosine
Director of Investor Relations
(647) 388-4984
kat@briscocapital.com


Blackbird Energy Inc.
Garth Braun
President and CEO
(587) 538-0383


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

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