PetroSands announces results of annual general and special meeting of shareholders

TSX Venture Exchange
Trading Symbol: PCA

CALGARY, Nov. 25, 2011 /CNW/ - PetroSands Resources (Canada) Inc. ("PCA") or the "Company") announces that at the annual general and special meeting held on November 22, 2011, PCA's shareholders elected the nominees standing for Directors as presented in the Management Information Proxy Circular comprised of Greg T. Busby, George Paulus, Malvin Spooner, Ryan Dunfield and Dennis Nerland. Greg T. Busby is the Chief Executive Officer and President of PCA.

The shareholders also appointed KPMG, Chartered Accountants, as new auditors of the corporation and approved their remuneration be fixed by the board of directors.

Lastly, the Company's new stock option plan was ratified and confirmed and passed by the requisite percentage of shareholder votes cast at the meeting.

Drilling Update

The Company is still on track to complete its fall drilling program prior to year-end as previously announced in the Company's press release of November 10, 2011. PCA expects to spud its third well (100 percent working interest) a horizontal development well targeting the Rex lithic channel, by early December. The first well is currently producing 60 boe/d, which is above the original IP estimates of 30-50 boe/d. The Company's second vertical exploration well targeting the Dina was drilled and abandoned, as no oil-bearing sands were present.

About PetroSands Resources (Canada) Inc.

PetroSands Resources (Canada) Inc. is a dynamic, publicly traded junior oil producer targeting oil-based opportunities in Western Canada. The Company is focused on strategic oil-based acquisitions within its core areas, in addition to exploiting and exploring for incremental production and reserves. The Company currently has approximately 38.2 million common shares outstanding. PetroSands' shares are listed on the TSX-V under the trading symbol "PCA".

* Boe Presentation: The term BOE may be misleading, particularly if used in isolation. A BOE (barrel of oil equivalent) conversion of 6 million cubic feet (Mcf): 1 barrel (bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Statements:  This news release contains certain forward-looking statements, including but not limited to, the anticipated timing of the spudding of a well, management's assessment of future plans and operations, and the related expected success from drilling operations, expectations regarding future levels of production, revenues and drilling inventory, capital expenditures and the timing thereof and expected timing and results from operations, all of which involve substantial known and unknown risks, uncertainties and assumptions, certain of which are beyond the Company's control. Such risks, uncertainties and assumptions include, without limitation, oil and gas exploration, development, exploitation, production, marketing, processing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports, including the Company's annual information form for the financial year ended December 31, 2009, on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).  All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILTY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

SOURCE PetroSands Resources (Canada) Inc.

For further information:

Greg T. Busby, President & CEO                                            
PETROSANDS RESOURCES (CANADA) INC.
Telephone:  (403) 265-2770
Fax:  (403) 265-2775

Dwight Fieseler, Chief Financial Officer
PETROSANDS RESOURCES (CANADA) INC.
Tel: (403) 265-2770
Fax: (403) 265-2775

TSX Venture:  PCA

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PetroSands Resources (Canada) Inc.

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