 | Blacksands Petroleum Inc.
401 Bay Street, Suite 2700, PO Box 142
Tel: +1 (416) 359 7805
E-mail: pparisotto@coniston.ca |
NEWS RELEASE
BLACKSANDS PETROLEUM SUBSIDIARY ACCESS ENERGY SEEKS TO OBTAIN
SASKATCHEWAN OIL SANDS EXPLORATORY PERMITS
TORONTO, ONTARIO, July 24, 2008 -- Blacksands Petroleum, Inc. (OTC Bulletin Board: BSPE) (the “Company”) wishes to announce that Access Energy Inc. (“Access Energy”), the Company’s 75% owned subsidiary, announced today that it intends to submit bids for all five of the oil sands exploratory permits covering approximately 810,000 acres that were posted for sale by the Province of Saskatchewan (the “Province”) on May 29, 2008. The bids have to be submitted on or before August 11, 2008, and successful bidders will be notified by the Province shortly thereafter.
“The acquisition of these oil sand exploratory permits fits within the Company’s mission to acquire, explore and develop unconventional oil in western Canada”, stated Paul A. Parisotto, President & CEO.
In addition, Mr. Parisotto provided the following information in relation to Access Energy’s bids for these oil sands exploratory permits:
| • | Access Energy entered into an exclusive and binding Impact Benefit Agreement and Joint Venture Agreement with the Buffalo River Dene Nation (“BRDN”) in May 2007 which gives the Company exclusive surface access to approximately 3,000,000 acres of the BRDN’s traditional lands; |
| • | Access Energy’s agreements with the BRDN run until at least May 2027; |
| • | These oil sands exploratory permits fall within the traditional lands of the BRDN and are covered by those agreements; and, |
| • | As part of the bidding process for these oil sands exploratory permits, the Province of Saskatchewan placed a restriction stating that “These mineral rights are located under Crown resource lands administered by the Saskatchewan Ministry of Environment. Prior to the approval of any surface dispositions that may adversely affect Treaty or Aboriginal rights, the Ministry of Environment will be required to undertake consultations in accordance with the Government of Saskatchewan Interim Guide for Consultation with First Nations and Métis People (the “Guide”).” (Province of Saskatchewan Public Notice No. 324, Specific Restriction S32) |
Chief Louie Chanalquay of the BRDN stated that “The members of the Buffalo River Dene Nation are anxious for Access Energy to acquire these oil sands exploratory permits so that the Company can begin the exploration process which in turn will lead to employment, infrastructure improvements, capacity building, and eventually self-sustainability for our members”.
There is no assurance that Access Energy will be successful in its bid for these oil sands exploratory permits.
About Blacksands
Blacksands Petroleum, through its 75% ownership of Access Energy Inc. – a private Canadian company - is engaged in the business of exploring for, developing and operating unconventional oil and gas projects. Such projects may include oil produced from tar sands, also referred to as oil sands, or bituminous sands, which are a combination of clay, sand, water, and bitumen.
For further information, please contact:
Paul A. Parisotto
President & CEO
416-359-7805
Cautionary Note Concerning Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, the words “ anticipate,” believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify forward-looking statements. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties involved in disputes and litigation; fluctuations in oil and other commodity prices and currency exchange rates; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the Company’s 10K-SB for the year ended October 31, 2007, filed with the United States Securities and Exchange Commission, and other information released by the Company from time to time and filed with the appropriate regulatory agencies.
