Blacksands announces the agreements between its subsidiary, Access Energy, and La Loche ratified
TORONTO, ONTARIO, February 17, 2009 – Blacksands Petroleum, Inc. (OTC Bulletin Board: BSPE) (the “Company”) wishes to announce that the Joint Venture Agreement and the Impact Benefit Agreement (the “Agreements”) its 75% owned subsidiary, Access Energy Inc. (“Access”) entered into with the La Loche Clearwater Development Authority Inc. (“La Loche”) on October 15, 2008 have been overwhelmingly approved by the local La Loche aboriginals in a community vote on February 14, 2009.The Agreements provide land access rights to Access for purposes of exploration of petroleum, natural gas and crude bitumen and any metals, minerals or coal in the La Loche traditional lands. In exchange for granting Access the exclusive 20-year right to enter upon the La Loche traditional lands, Access has agreed to provide all financial and managerial resources to facilitate development, to involve the local aboriginal community, to pay an annual fee, and to provide royalties from production.
The Agreements cover approximately 3,000,000 hectares of La Loche traditional lands in north western Saskatchewan, Canada, north and west of the northern town of La Loche, Saskatchewan.
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.
“Paul A. Parisotto” President & CEO
For further information, please contact: Paul A. Parisotto President & CEO 416-359-7805