Blackbird Energy Inc. reported that, due to market conditions, it has entered into an amending agreement dated October 22, 2012 with respect to its proposed acquisition of Ruger Energy Inc., a junior oil and gas exploration and development company in Alberta.

The Amending Agreement revises the terms of the Securities Exchange Agreement dated September 24, 2012 by reducing the deemed price of the transaction units (each, a "Transaction Unit") to be issued by Blackbird to the shareholders of Ruger, from $0.12 to $0.101 per Transaction Unit. With each Transaction Unit being comprised of one common share (a "Transaction Share") and one-half of one share purchase warrant (a "Transaction Warrant"), the price revision will result in an aggregate of 47,143,250 Transaction Shares and 23,571,625 Transaction Warrants being issued. All other terms of the Acquisition remain the same.

Tags: Blackbird Energy