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Home >> Stock Forums >> BSPE.OB – Blacksands Petroleum, Inc.

BSPE.OB – Blacksands Petroleum, Inc.

penny-trader0214 said: "From recent 10QSB: Selected Financial Information July 31, 2007 October 31, 2006 Current Assets (1) $ 10,254,549 $ 11,651,339 Total Assets (1) $ 10,386,078 $ 11,692,566 Current Liabilities $ 186,868 $ 100,038 Stockholders' Equity $ 10,199,210 $ 11,592,528 We expect to be able to satisfy our cash requirements for at least the next 12 months without having to raise additional funds or seek bank loans. After that 12-month period, we may have to raise additional monies through sales of our equity securities or through loans from banks or third parties to continue our business plans; however, no such plans have yet been implemented. On August 3, 2007 we acquired 75% of the capital stock of Access Energy Inc. ("Access") for approximately $3,213,000 and 1,500,000 warrants to purchase shares of our common stock issued to the former sole stockholder of Access. This constituted the strategic acquisition that we had been pursuing. On May 24, 2007, we purchased certain seismic information for approximately $1,045,000. $1,000,000 of the purchase price came from our restricted cash escrow account. On May 17, 2007, we loaned Access Energy, Inc. ("Access") Cdn$100,000. These funds were placed into an escrow account and could only be disbursed to Access if we and Access issued joint written instructions to the escrow agent to do so. We were under no obligation, contingent or otherwise, to issue such instructions. The loan was made pursuant to a loan agreement and promissory note. The note was outstanding on July 31, 2007 and was deemed paid in full upon our purchase of Access' common stock. At July 31, 2007, we had cash in the bank of approximately $21,750 (some funds are denominated in Canadian dollars). Separately, we had US$119,702 held in our attorneys' trust account. We also had $9,854,407 held in escrow pending our entering a strategic transaction which was our purchase of Access' common stock. These funds were received pursuant to the completion of a private placement of units of our securities on August 9, 2006. The proceeds of the offering were to remain in escrow until a suitable acquisition candidate was identified and acquired. Our acquisition of Access' common stock fulfilled this requirement. About Blacksands Blacksands Petroleum 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. Contact: Blacksands Petroleum, Inc. Darren R. Stevenson, 403-806-1677"

Pb3190 said: "Spam? :wave:"