SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
|
Date
of Report (date of earliest event reported) May 24,
2007
|
BLACKSANDS
PETROLEUM, INC.
(Exact
name of Registrant as specified in its charter)
|
Nevada
|
000-51427
|
20-1740044
|
|
(State
or other jurisdiction
|
(Commission
File number)
|
(IRS
Employer Identification No.)
|
|
of
incorporation or organization)
|
|
|
|
Suite
1250, 645 7th
Avenue SW, Calgary, Alberta Canada T2P 4G8
|
|
(Address
of principal executive offices) (Zip
Code)
|
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name, Address and Fiscal Year, If Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation for the registrant under any of the following
provisions (see
General
Instruction A.2. below):
□ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
□ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.01 Completion
of Acquisition or Disposition of Assets
On
May
24, 2007, we purchased certain two dimensional seismic data (the “Seismic”) from
Synterra Technologies for approximately US$1,045,000 that relates to
approximately 750 kilometers of land in northern Saskatchewan and Alberta
where we hope to find deposits of oil sands. The seismic data that we
purchased
was gathered by digitized sound waves penetrating the earth and being
reflected
by geologic formations then analyzed by geophysicists and
geologists.
We
currently hold US$9,854,407 held in escrow pending our acquisition of
a suitable
candidate in the unconventional petroleum industry. These funds were
received
pursuant to the completion of a private placement of units of our securities
on
August 9, 2006. The offering was conducted pursuant to the exemption
from the
registration requirements of the federal securities laws provided by
Regulation
S and Section 4(2) of the Securities Act and Rule 506 of Regulation D
under the
Securities Act. If we fail to complete a business acquisition by August
8, 2007
subscription proceeds will be returned to investors without interest
or
deduction.
The
purchase price was paid (i) approximately US$45,000 from our existing cash
accounts and (ii) US$1 million from funds released from restricted cash
held in
an escrow account. The US$1 million was released from escrow by the instructions
of four purchasers in the private placement.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this Report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
|
|
| |
BLACKSANDS
PETROLEUM, INC. |
|
|
|
| Date: May
31, 2007 |
By: |
/s/ Darren
R. Stevenson |
| |
Name: Darren
R. Stevenson |
| |
Title: President
and Chief Executive Officer |