The Blacksands Pacific Group, Inc. - Expansion into the Williston Basin, North Dakota
The Blacksands Pacific Group, Inc. – Expansion into the Williston Basin, North Dakota
The Blacksands Pacific Group, Inc. including affiliates and subsidiaries ("Blacksands Pacific" or the “Company”) announces that it has reached an agreement (“The Joint Venture Agreement”) with its partner, to jointly develop the oil prospects within the Williston Basin Prospect, in North Dakota. The Williston Prospects includes oil and gas leases held within the Tyler, Lodgepole, Bakken, Red River and Three Forks producible zones.
The oil and gas leases extend in excess of 50,000 net acres with proposal for an initial 72 wells drilling program at an estimated capex cost of approximately $200m. Blacksands Pacific participation represents a core investment strategy in-line with its domestic growth plan. Blacksands Pacific through its subsidiary (Blacksands Pacific Williston Basin, LLC (“BSPWB”)) will jointly operate this oil prospect with a 50 per cent working interest in the operation, and also provide 100 per cent of the required capex cost.
Further comprehensive development plans will be announced shortly.
Notes to Editors
About Blacksands Pacific
BLACKSANDS PACIFIC is an international Energy Group. Our businesses include the exploration and production of Oil & Natural Gas, the trading of Crude Oil and Petroleum Products with future plans to provide Oilfield (Energy) Services.
BLACKSANDS PACIFIC is headquartered in Houston, Texas, United States. Our core asset interests are in the U.S. Gulf Coast, Southern United States, Pacific United States, the Plains States Region, the Rocky Mountains Region and Canada. Our International subsidiary focuses on our Offshore / International Operation with core focus or interests in the Sub-Sahara (West and East Africa), Indian Ocean with future plans to expand throughout the African Continent. Our geographic core regions are United States / Canada, Africa, South East Asia and the Indian Ocean. Find more information at www.blacksandspacific.com.
Raheem J. Brennerman, (310) 231 8700
Chairman of the Board, Executive Chairman and CIO
Fax: (800) 994 7357
Shannon Casey, (310) 231 8700
Marketing and Corporate Communications
Fax: (800) 994 7357