TORONTO, Aug. 15 /CNW/ - On July 24, 2008, Blacksands Petroleum, Inc.
(OTC Bulletin Board: BSPE) (the "Company") announced that Access Energy Inc.
("Access Energy"), the Company's 75% owned subsidiary, intended 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.
Yesterday, the Province of Saskatchewan announced that there were no
successful bidders for these oil sands exploratory permits.
Paul A. Parisotto, President & CEO, stated, "We are disappointed that the
Province of Saskatchewan determined that the bids for these oil sands
exploratory permits were not acceptable. The acquisition of the permits fits
within the Company's mission to acquire, explore and develop unconventional
oil in western Canada, and therefore we intend to ask the Province to re-post
these permits for bidding".
Chief Louie Chanalquay of the Buffalo River Dene Nation ("BRDN") stated
that "The members of the Buffalo River Dene Nation are very disappointed that
the Province did not grant the oil sands exploratory permits to Access Energy
so that the Company can begin exploration work which in turn will lead to
employment, infrastructure improvements, capacity building, and eventually
self-sustainability for our members".
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 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)
There is no assurance that Access Energy will be successful in getting
the Province to re-post these oil sands exploratory permits, or in its bids
for such permits.
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.
"Paul A. Parisotto"
President & CEO
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
For further information:
For further information: Paul A. Parisotto, President & CEO, (416)