LOS ANGELES--(BUSINESS WIRE)--The Blacksands Pacific Group, Inc. including affiliates and subsidiaries ("Blacksands Pacific" or the “Company”) today announces a summary of the Company's business strategy and development plan for the year 2012.
The total targeted net production of the Company in 2012 is 6 to 10 million barrels of oil equivalent (BOE).
During the year, four new projects in onshore United States, Canada and offshore shallow water Sub Sahara Africa are expected to come on stream, among which the incremental peak production in the Williston Basin project is expected to reach around 37 thousand barrels per day in 2015, demonstrating a huge potential of the Company's producing fields. More exploration projects are expected to come on stream in the United States in the next few years and become an important catalyst to the Company's future production growth. International assets in Canada and Sub-Sahara Africa are expected to add to the net production. Currently, there are 10 projects under exploration or development, setting a solid foundation for the Company's mid to long term development plans and growth.
In respect of exploration, the company will concentrate on its offshore shallow water Sub Sahara Africa assets. With a number of exploration wells expected and 2-Dimensional (2D) Seismic data and 3- Dimensional (3D) data to be acquired. The company's strategy is to increase its current reserves, with strategy for replacement of reserves in 2012 and 2013, while achieve increased production.
Over the next 18 months, in order to support a sustainable growth as well as to accelerate the exploration and development of its oil and gas resources, the company's total capital expenditure is expected in the region of US$905m – US$1.1 billion, which includes capital expenditures for exploration, development and production.
"We are creating a solid foundation for growth. We are well positioned to increase our proved reserves both within our United States assets as well as our International assets given our current substantial prospective resources. We endeavor to achieve our production target within the next 18 months by accelerating our drilling and development program on a number of assets." – Raheem J. Brennerman, Chairman of the Board, Executive Chairman and CIO
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. More information at www.blacksandspacific.com
FORWARD LOOKING STATEMENT
Certain statements in this presentation contain "forward‐looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward‐looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10‐K, recent Quarterly Reports on Form 10‐Q, recent Current Reports on Form 8‐K or any other reports available on our website, http://www.blacksandspacific.com/, and in our other public filings and press releases. (Where Applicable).
These forward‐looking statements are based on The Blacksands Pacific Group, Inc.’s (Blacksands Pacific) current expectations, estimates and projections about the company, its industry, its management’s beliefs and certain assumptions made by management. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these “forward‐looking statements” are identified by words such as “expects,” “believes,” “anticipates” and similar phrases. Because such statements involve risks and uncertainties, Blacksands Pacific’s actual results and performance may differ materially from the results expressed or implied by such forward‐looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward‐looking statements. Unless legally required, we assume no duty to update these statements as of any future date. However, you should review carefully reports and documents that Blacksands Pacific files periodically with the Securities and Exchange Commission. (Where Applicable)
Cautionary Note to Investors: Effective January 1, 2010, the United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC's definitions for such terms. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines.
Investors are urged to consider closely the disclosure in Blacksands Pacific’s Annual Report, or on Form 10‐K/A for the fiscal year ended December 31, 2010 (Where Applicable), available from Blacksands Pacific at www.blacksandspacific.com or by writing Blacksands Pacific at: 11601 Wilshire Boulevard., Suite 500, Los Angeles, California 90025 (Attn: Corporate Secretary).