SOURCE: Blacksands Petroleum, Inc.

August 22, 2006 10:23 ET

Blacksands Petroleum, Inc. Announces Closing of Private Placement With Gross Proceeds of $10,854,700

Proceeds to Be Used to Acquire Properties in the Unconventional Petroleum Industry

CALGARY, AB -- (MARKET WIRE) -- August 22, 2006 -- Blacksands Petroleum, Inc. (OTCBB: BSPE), an unconventional oil exploration and development company, announces that effective August 9, 2006, the company closed a private placement of units of its securities. Gross proceeds of $10,854,700 will be allocated to identify and acquire suitable candidates/properties within the "unconventional petroleum industry."

The funds will remain in escrow until a suitable acquisition candidate is identified and acquired. If the Company fails to complete a business acquisition within 12 months after the closing of the offering, subscription proceeds will be promptly returned to investors without interest or deduction.

Each Unit consisted of one share of common stock and one common stock purchase warrant, entitling the holder to purchase one share of common stock at an exercise price of $3.00 per share for a two year period commencing October 1, 2006. The Units were offered at a price of $1.00 per Unit.

For complete details, investors, please read the 8K filing at www.sec.gov

About Blacksands Petroleum, Inc. (OTCBB: BSPE)

Blacksands Petroleum, Inc. will engage in the unconventional oil exploration and development industry, with operations located in Calgary, Alberta Canada. The Company's strategy is to build shareholder value by pursuing full-cycle exploration and development opportunities in unconventional oil, primarily in Canada.

Safe Harbor Statement: Matters discussed in these presentations contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in these presentations the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company, and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.

Contact Information

  • Contact:
    Darren R. Stevenson
    President
    (403) 870 2220
    Email Contact