SOURCE: Bonanza Oil & Gas, Inc.

September 08, 2010 10:39 ET

Bonanza Oil & Gas Enters Exploration Agreement on Apclark

HOUSTON, TX--(Marketwire - September 8, 2010) - Bonanza Oil & Gas, Inc. (OTCBB: BGOI), a Nevada Corporation and an independent oil and gas development company (the "Company" or "Bonanza") based in Houston, Texas, today announced that the Company has entered into an Exploration Agreement on its Apclark Field properties with Blacksands Petroleum Texas, LLC., an affiliate of Blacksands Petroleum, Inc. Bonanza and Blacksands anticipate the drilling of multiple wells to fully develop the Apclark Properties in Borden County, Texas.

The primary objective of this agreement is to further the Company's oil development of the Apclark Field properties in Borden County, Texas.

Bill Wiseman, President and Chief Executive Officer of Bonanza Oil & Gas, Inc., said of the deal, "The Company is excited about the agreement with Blacksands and the anticipation for continued oil development of its proven undeveloped (PUDs) properties in Borden County, Texas. The first well is expected to be drilled in the fall of this year."

For more information on this and other activities of the Company, please see the Bonanza Oil & Gas, Inc. web site at: www.bonanzaog.biz.

About Bonanza Oil & Gas, Inc.

Bonanza Oil & Gas, Inc. is a Houston, Texas-based oil and gas development company that holds assets ranging from current producing properties and wholly owned prospects to developing working interests in Proven Undeveloped properties (PUDS).

About Blacksands Petroleum, Inc.

Blacksands Petroleum, Inc. is a public company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas fields in North America. BSPE and its affiliates are engaged in exploration and production projects in Colorado, New Mexico and Texas. 

Forward-Looking Statement

Some of the statements made by the Company in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. The Company believes that its primary risk factors include, but are not limited to: production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others. Additional information concerning these and other important factors can be found within the Company's filings with the Securities and Exchange Commission.

Statements in this press release should be evaluated in light of these important factors.

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