x
|
Quarterly
Report under Section 13 or 15(d) of the Securities Exchange Act of
1934
|
o
|
Transition
report under Section 13 or 15(d) of the Exchange
Act
|
Nevada
|
|
20-1740044
|
(State
or other jurisdiction
|
|
(I.R.S.
Employer
|
of
incorporation or organization
|
|
Identification
No.)
|
SUITE
328, 369 ROCKY VISTA PARK DRIVE
|
|
|
CALGARY,
ALBERTA T3G 5K7
|
|
|
CANADA
|
|
Telephone:
(403) 870-2220
|
(Address
of principal executive offices)
|
|
(Registrant's
telephone number, including area
code)
|
Blacksands
Petroleum, Inc.
|
(Formerly
known as Lam Liang Corp.)
|
(A
Development Stage Enterprise)
|
Balance
Sheets
|
Unaudited
As
of
July
31, 2006
|
Audited
As
of
October
31, 2005
|
||||||
|
|
|
|||||
A
S S E T S
|
|
|
|||||
|
|
|
|||||
Current
Assets
|
|
|
|||||
Cash
held in attorney’s trust account
|
$
|
828,085
|
$
|
41,048
|
|||
Total
Current Assets
|
828,085
|
41,048
|
|||||
|
|||||||
Fixed
Assets
|
|||||||
Furniture,
net of depreciation
|
-
|
779
|
|||||
Office
Equipment, net of depreciation
|
-
|
757
|
|||||
Total
Fixed Assets
|
-
|
1,536
|
|||||
|
|||||||
Other
Assets
|
|||||||
Rent
Deposit
|
10,026
|
859
|
|||||
Total
Other Assets
|
10,026
|
859
|
|||||
Total
Assets
|
$
|
838,111
|
$
|
43,443
|
|||
|
|||||||
L
I A B I L I T I E S
|
|||||||
|
|||||||
Current
Liabilities
|
|||||||
Accounts
payable and accrued liabilities
|
$
|
15,308
|
$
|
-
|
|||
Accounts
payable to related party
|
1,853
|
-
|
|||||
Payroll
Witholding Taxes Payable
|
-
|
15
|
|||||
Total
Current Liabilities
|
17,161
|
15
|
|||||
Convertible
Debentures
|
1,000,000
|
-
|
|||||
Total
Liabilities
|
$
|
1,017,161
|
$
|
15
|
|||
|
|||||||
|
|||||||
S
T O C K H O L D E R S ' E Q U I T Y (
DEFICIT)
|
|||||||
|
|||||||
Common
Stock (note 3)
|
$
|
6,300
|
$
|
2,100
|
|||
Additional
Paid-in-Capital
|
53,700
|
57,900
|
|||||
Accumulated
Comprehensive Loss
|
(969
|
)
|
(2,792
|
)
|
|||
Deficit
accumulated during the development stage
|
(238,081
|
)
|
(13,780
|
)
|
|||
Total
Stockholders' Equity (Deficit)
|
(179,050
|
)
|
43,428
|
||||
Total
Liabilities and Stockholders' Equity (Deficit)
|
$
|
838,111
|
$
|
43,443
|
Blacksands
Petroleum, Inc.
|
(Formerly
known as Lam Liang Corp.)
|
(A
Development Stage Enterprise)
|
Statements
of Operations
|
|
|
Unaudited
For
the Nine Months
Ended
July
31, 2006
|
|
Unaudited
For
the Nine Months
Ended
July
31, 2005
|
|
Unaudited
For
the Three
Months
Ended
July
31, 2006
|
|
Unaudited
For
the Three
Months
Ended
July
31, 2005
|
|
Unaudited
From
Inception
(October
12, 2004)
through
July
31, 2006
|
||||||
Revenues:
|
||||||||||||||||
Revenue
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||
Total
Revenues
|
--
|
--
|
--
|
--
|
--
|
|||||||||||
Expenses:
|
||||||||||||||||
Professional
Fees
|
156,229
|
--
|
155,604
|
-
|
161,427
|
|||||||||||
Loss
on abandoned fixed assets
|
1,494
|
-
|
1,494
|
-
|
1,494
|
|||||||||||
Employee
remuneration
|
15,622
|
-
|
15,622
|
-
|
15,622
|
|||||||||||
Website
& contract services
|
8,144
|
8,144
|
-
|
8,144
|
||||||||||||
Office
and Administration
|
42,770
|
8,844
|
38,659
|
2,912
|
50,969
|
|||||||||||
Total
Expenses
|
224,259
|
8,844
|
219,523
|
2,912
|
237,656
|
|||||||||||
Net
loss from Operations
|
(224,259
|
)
|
(8,844
|
)
|
(219,523
|
)
|
(2,912
|
)
|
(237,656
|
)
|
||||||
Other
Income and Expenses:
|
||||||||||||||||
Interest
Income
|
--
|
16
|
--
|
16
|
17
|
|||||||||||
Depreciation
|
(42
|
)
|
(91
|
)
|
-
|
(91
|
)
|
(442
|
)
|
|||||||
Gain
(Loss) from Currency Transaction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Net
Loss before Taxes
|
(224,301
|
)
|
(8,919
|
)
|
(219,523
|
)
|
(2,987
|
)
|
(238,081
|
)
|
||||||
Provision
for Income Taxes:
|
||||||||||||||||
Income
Tax Benefit
|
||||||||||||||||
Net
Loss
|
$
|
(224,301
|
)
|
$
|
(8,919
|
)
|
$
|
(219,523
|
)
|
$
|
(2,987
|
)
|
$
|
(238,081
|
)
|
|
Other
Comprehensive Income (Loss)
|
$
|
1,823
|
$
|
(3,825
|
)
|
$
|
--
|
$
|
(2,644
|
)
|
$
|
(969
|
)
|
|||
Total
Comprehensive Loss
|
$
|
(222,478
|
)
|
$
|
(12,744
|
)
|
$
|
(219,523
|
)
|
$
|
(5,631
|
)
|
$
|
(239,050
|
)
|
|
Basic
and Diluted Loss Per Common Share
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
|
Weighted
Average number of Common Shares used in per share
calculations
|
63,000,000
|
48,010,980
|
63,000,000
|
63,000,000
|
61,846,259
|
Blacksands
Petroleum, Inc.
|
(Formerly
known as Lam Liang Corp.)
|
(A
Development Stage Enterprise)
|
Statement
of Changes in Stockholders’
Equity
|
Shares
|
Par
Value $0.001
|
Paid-In
Capital
|
Other
Comprehensive Income
|
Accumulated
Deficit During Development Stage
|
Shareholder’s
Equity (Deficit)
|
||||||||||||||
Balance
- October 12, 2004
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Stock
issued for cash -
|
|||||||||||||||||||
October
12, 2004
|
1,000,000
|
1,000
|
4,000
|
-
|
-
|
5,000
|
|||||||||||||
Foreign
Currency Translation Adjustment
|
-
|
-
|
-
|
(5
|
)
|
-
|
(5
|
)
|
|||||||||||
Net
Income (Loss)
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Balance
- October 31, 2004
|
1,000,000
|
$
|
1,000
|
$
|
4,000
|
$
|
(5
|
)
|
-
|
$
|
4,995
|
||||||||
Stock
issued for cash -
|
|||||||||||||||||||
March
4, 2005
|
1,100,000
|
1,100
|
53,900
|
-
|
-
|
55,000
|
|||||||||||||
Foreign
Currency Translation Adjustment
|
-
|
-
|
-
|
(2,787
|
)
|
-
|
(2,787
|
)
|
|||||||||||
Net
Income (Loss)
|
-
|
-
|
-
|
-
|
(13,780
|
)
|
(13,780
|
)
|
|||||||||||
Balance
- October 31, 2005
|
2,100,000
|
$
|
2,100
|
$
|
57,900
|
$
|
(2,792
|
)
|
$
|
(13,780
|
)
|
$
|
43,428
|
||||||
Stock
Split 30:1-
|
|||||||||||||||||||
June
21, 2006
|
60,900,000
|
4,200
|
(4,200
|
)
|
-
|
-
|
-
|
||||||||||||
Foreign
Currency Translation Adjustment
|
-
|
-
|
-
|
1,823
|
-
|
1,823
|
|||||||||||||
Net
Income (Loss)
|
-
|
-
|
-
|
-
|
(224,301
|
)
|
(224,301
|
)
|
|||||||||||
Balance
- July 31, 2006
|
63,000,000
|
$
|
6,300
|
$
|
53,700
|
$
|
(969
|
)
|
$
|
(238,081
|
)
|
$
|
(179,050
|
)
|
Blacksands
Petroleum, Inc.
|
(Formerly
known as Lam Liang Corp.)
|
(A
Development Stage Enterprise)
|
Statements
of Cash Flows
|
For
the Nine Months
Ended
July
31, 2006
|
Unaudited
From
Inception
(October
12, 2004)
through
July
31, 2006
|
||||||
Cash
Flows from Operating Activities:
|
|
|
|||||
Net
Loss
|
$
|
(224,301
|
)
|
$
|
(238,081
|
)
|
|
Foreign
Currency Income (Loss)
|
1,823
|
(969
|
)
|
||||
Loss
on abandoned fixed assets
|
1,494
|
1,494
|
|||||
Office
Equipment and Furniture: Depreciation
|
42
|
416
|
|||||
Adjustments
to reconcile net loss to
|
|||||||
net
cash used by operating activites:
|
|||||||
Other
Comprehensive Income
|
--
|
--
|
|||||
Changes
in Operating assets and liabilities
|
|||||||
Rent
Deposit
|
(9,167
|
)
|
(10,026
|
)
|
|||
Accounts
payable and accrued liabilities
|
15,308
|
15,308
|
|||||
Accounts
payable to related party
|
1,853
|
1,853
|
|||||
Payroll
and Withholding Taxes Payable
|
(15
|
)
|
--
|
||||
Net
Cash Used by Operating Activities
|
(212,963
|
)
|
(230,005
|
)
|
|||
|
|||||||
Cash
Flows from Investing Activities:
|
|||||||
Office
Equipment and Furniture: Cost
|
--
|
(1,910
|
)
|
||||
Net
Cash Used in Investing Activities
|
--
|
(1,910
|
)
|
||||
|
|||||||
Cash
Flows from Financing Activities:
|
|||||||
Issue
of convertible debentures
|
1,000,000
|
1,000,000
|
|||||
Sales
of Common Stock
|
--
|
60,000
|
|||||
Net
Cash Provided from Financing Activities
|
1,000,000
|
1,060,000
|
|||||
|
|||||||
Net
Increase (decrease) in Cash
|
787,037
|
828,085
|
|||||
Cash
Balance, Begin Period
|
41,048
|
--
|
|||||
Cash
Balance, End Period
|
$
|
828,085
|
$
|
828,085
|
|||
|
|||||||
Supplemental
Disclosures:
|
|||||||
Cash
Paid for interest
|
$
|
--
|
$
|
--
|
|||
Cash
Paid for income taxes
|
$
|
--
|
$
|
--
|
1.
|
DESCRIPTION
OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT
POLICIES
|
1.
|
DESCRIPTION
OF BUSINESS AND SUMMARY OF SIGNIFICANT POLICIES
(continued)
|
2006
|
||||
Net
loss, as reported
|
$
|
(224,301
|
)
|
|
Other
comprehensive income
|
1,823
|
|||
Add:
Stock-based employee compensation expense included in reported
loss, net
of related tax effects
|
--
|
|||
Deduct:
Total stock-based employee compensation expense determined under
fair
value based methods for all awards, net of related tax
effects
|
--
|
|||
Pro
forma net loss
|
$
|
(222,478
|
)
|
|
|
||||
Net
loss per common share:
|
||||
Basic
and fully diluted loss per share, as reported
|
$
|
(0.00
|
)
|
|
Basic
and fully diluted loss per share, pro forma
|
$
|
(0.00
|
)
|
2.
|
PROPERTY
AND EQUIPMENT
|
3.
|
STOCKHOLDER'S
EQUITY
|
Number
of Shares
|
Par
Value
|
Additional
Paid in Capital
|
||||||||
October
12, 2004 Issued for cash
|
1,000,000
|
$
|
1,000
|
$
|
4,000
|
|||||
March
2005 Issued for cash
|
1,100,000
|
1,100
|
53,900
|
|||||||
Balance
October 31, 2005
|
2,100,000
|
2,100
|
57,900
|
|||||||
June
21, 2006 - Stock Split 30:1
|
60,900,000
|
4,200
|
(4,200
|
)
|
||||||
Balance,
July 31, 2006
|
63,000,000
|
$
|
6,300
|
$
|
53,700
|
4.
|
LOAN
FROM OFFICERS AND DIRECTORS
|
5.
|
RELATED
PARTY TRANSACTIONS
|
6.
|
STOCK
OPTIONS
|
7.
|
COMPREHENSIVE
INCOME
|
8.
|
LITIGATION
|
9.
|
CONVERTIBLE
DEBENTURES
|
10.
|
LEASE
COMMITMENTS
|
11.
|
SUBSEQUENT
EVENTS
|
Exhibit
No.
|
Description
|
|
31.1
|
Sec.
302 Certification of Principal Executive Officer
|
|
31.2
|
Sec.
302 Certification of Principal Financial Officer (1)
|
|
32.1
|
Sec.
906 Certification of Principal Executive Officer
|
|
32.2
|
Sec.
906 Certification of Principal Financial Officer
(2)
|
(1)
|
Included
in Exhibit 31.1 filed herewith
|
(2)
|
Included
in Exhibit 32.1 filed herewith
|
|
|
|
|
BLACKSANDS
PETROLEUM, INC.
|
|
|
|
|
Date:
September 19, 2006
|
By:
|
/s/ Darren
Stevenson
|
|
Name:
Darren Stevenson
Title:
President and Chief Executive
Officer
|