Oil & Gas, Energy, Exploration & Production, Petroleum, Petroleum Products, Blacksands Pacific

August 17, 2010 14:20 ET

The Blacksands Pacific Group -- Acquisition of Oil & Gas Assets and Energy Trading Contracts

HOUSTON, TX--(Marketwire - August 17, 2010) - The Blacksands Pacific Group ("Blacksands Pacific" or "the Company") announces that it has entered into an Agreement ("The Agreement") with Blacksands Group Corp ("BGC"), a wholly owned subsidiary of NIH GROUP LIMITED, for the acquisition of all its North America (United States and Canada) Oil & Gas interests and its active Energy (Crude & Petroleum Products) trade (supply) contracts (lifting or delivering over the next 12 months). 

Blacksands Group Corp, a wholly owned subsidiary of the NIH Group Limited, acquired several Oil & Gas E & P assets as an investor ("non-active partner"). BGC also maintained an active Oil & Gas trading business, with Crude supply from the Gulf of Guinea (West Africa), North Africa and Other Regions, to clients mainly in Asia Pacific, although Crude is also delivered to other regions. BGC also acquires and delivers Petroleum products to clients in Africa and Asia. 

The management of NIH Group Limited agreed to sell a majority of their Oil and Gas interests following the latest corporate restructuring with the intention of re-investing their net proceeds into their real estate investment and increasing their hospitality asset portfolio. 

Blacksands Pacific Energy Services Limited ("BSPES"), a wholly owned subsidiary of Blacksands Pacific International Limited "BSPI" (The International Parent Company) which is 100 percent member of The Blacksands Pacific Group Inc, will acquire all active Energy trade contracts and honor all obligations under the terms of the existing arrangement with buyers and suppliers. The Company, through its exploration and production subsidiary corporation, will acquire all exploration and producing interests with the intention of increasing its current stake within the assets.

Blacksands Group Corp is not a member of The Blacksands Pacific Group, Inc (including affiliates and Subsidiaries), nor is it an affiliate of The Blacksands Pacific Group, Inc. The transaction described above has been negotiated based on the current market value for the assets ("Oil & Gas interest and Energy (Trade) contracts"). The Board and Management of Blacksands Pacific warrant that it has no management control over the decisions of Blacksands Group Corp.

Notes to Editors

About Blacksands Pacific
BLACKSANDS PACIFIC is an international Energy Group. Our businesses include the exploration and production of Oil & Natural Gas, trading of Crude Oil and Petroleum Products with future plans to provide Oilfield Services.

THE BLACKSANDS PACIFIC GROUP INC has its Global Headquarters in the United States with core interests in the U.S. Gulf Coast and Central region and Canada. Our International subsidiary, BLACKSANDS PACIFIC INTERNATIONAL LIMITED has its International Headquarters in Hong Kong with its core management center in the United Kingdom and core interests in the Gulf of Guinea (West Africa) and South East Asia with future plans to expand throughout the Africa Continent. More information at 

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