Blue Mountain Energy Completes Acquisition of Bolt Energy

Blue Mountain Energy Ltd. has successfully completed its offer to purchase all of the outstanding common shares of Bolt Exploration Ltd. Prior to the expiry time of the Offer, as extended, a total of 12,377,402 Bolt common shares, representing approximately 93.8% of the outstanding common shares of Bolt, had been tendered to the Offer. The total consideration paid by BME for all of the Bolt common shares acquired up to and including today is approximately 3,867,938 common shares of BME.

BME intends to acquire all of the remaining Bolt common shares which were not tendered to the Offer pursuant to its right of compulsory acquisition as set forth in Part 16 of the Business Corporations Act (Alberta).

In addition, pursuant to its bulletin dated September 17, 2002, the TSX Venture Exchange confirms that BME has now met the Tier Maintenance Requirements in accordance with TSX Venture Exchange Policy 2.5. Effective at the opening on Wednesday, September 18, 2002, trading in BME's common shares will resume. The TSX Venture also confirms that in accordance with Policy 2.5, BME has satisfied the requirements for a Tier 1 company; therefore, effective Wednesday, September 18, 2002, BME's Tier classification will be changed from Tier 2 to Tier 1.