Blue Sky Resources Ltd. entered into letter of agreement to acquire remaining 50% interest in Approximately 28,000 Acres in Utikuma Lake Area in Alberta, Canada from Petrolia Energy Corporation for CAD 6 million.

Blue Sky Resources Ltd. entered into letter of agreement to acquire remaining 50% interest in Approximately 28,000 Acres in Utikuma Lake Area in Alberta, Canada from Petrolia Energy Corporation (OTCPK:BBLS) for CAD 6 million on June 1, 2022. Under the terms of the agreement, Blue Sky Resources Ltd. will deposit CAD 0.6 million in an escrow account upon execution of the agreement and remaining CAD 5.4 million will be paid on closing subject to two Petrolia Canada debt deductions, (i) loan repayment in the amount of CAD 2.05 million plus interest of 0.15 million and (ii) a security release against the Asset in the amount of CAD 0.87 million. The closing of the transaction shall occur five days after the Pre-closing Settlement.