Blacksands Petroleum subsidiary Access Energy seeks to obtain Saskatchewan oil sands exploratory permits



    TORONTO, July 24 /CNW/ - 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.

    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.





For further information:

For further information: Paul A. Parisotto, President & CEO, (416)
359-7805

Organization Profile

BLACKSANDS PETROLEUM, INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890