CALGARY, Alberta, Aug. 9 /PRNewswire-FirstCall/ -- Blacksands Petroleum, Inc. (BULLETIN BOARD: BSPE) today announced that it acquired 75% of privately-held Access Energy Inc. effective August 3, 2007. Access is engaged in oil and gas exploration and development in Western Canada and the United States. The complete terms of the transaction are set forth in BSPE's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on August 8, 2007.
"We are excited about the opportunity of working with Access and its partners, the Buffalo River Dene Nation," Darren Stevenson, Chief Executive Officer of Blacksands, said. "Access has formed a truly unique business partnership with the Dene, which allows for the exclusive and binding surface access rights to explore for oil and gas on their traditional territories in Northern Saskatchewan, Canada."
As part of the transaction, Blacksands' existing directors joined the Board of Directors of Access and Paul Parisotto, an existing Director of Access, joined the Board of Blacksands.
About Blacksands
Blacksands Petroleum 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.
Notice Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may include statements regarding the efficacy and intended use of the company's technologies, the timelines for bringing such products to market and the availability of funding sources for continued development of such products and other statements that are not historical facts, including statements which may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. For such statements, the company claims the protection of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the control of the company. Actual results may differ materially from the expectations contained in the forward-looking statements. Factors that may cause such differences include: risks associated with conventional and unconventional oil exploration; the company's ability to raise capital to fund capital expenditures; the company's ability to find, acquire, market and develop conventional and unconventional oil properties; oil price volatility; uncertainties in the estimation of oil reserves; operating hazards attendant to the conventional and unconventional oil business; regulatory developments; and environmental risks. More detailed information about the company and the risk factors that may affect the realization of forward-looking statements is set forth in the company's filings with the Securities and Exchange Commission, including the company's Current Report on Form 8-K filed with the SEC on August 3, 2007. Investors and security holders are urged to read this document free of charge on the SEC's web site at http://www.sec.gov/. The company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward looking statements.
© 2007 PR Newswire
