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
|
Audited
|
||||||
As
of
|
As
of
|
||||||
April
30, 2007
|
October
31, 2006
|
||||||
A S S E T S | |||||||
Current Assets | |||||||
Cash
held at bank
|
$
|
384,074
|
$
|
752,788
|
|||
Cash
held in attorney’s trust account
|
136,808
|
40,650
|
|||||
Restricted
Cash - held in Escrow (note 4)
|
10,854,407
|
10,854,407
|
|||||
Prepaid
expenses
|
28,019
|
3,494
|
|||||
Total
Current Assets
|
11,403,308
|
11,651,339
|
|||||
|
|||||||
Property
and Equipment - net
|
29,424
|
31,325
|
|||||
|
|||||||
Other
Assets
|
|||||||
Exclusivity
agreement deposit
|
90,080
|
-
|
|||||
Rent
Deposit
|
10,017
|
9,902
|
|||||
Total
Other Assets
|
100,097
|
9,902
|
|||||
Total
Assets
|
$
|
11,532,829
|
$
|
11,692,566
|
|||
|
|||||||
L
I A B I L I T I E S A N D S T O C K H O L D E R S’ E Q U
I T Y
|
|||||||
|
|||||||
Current
Liabilities
|
|||||||
Accounts
payable and accrued liabilities
|
$
|
1,166,393
|
$
|
97,812
|
|||
Accounts
payable to related party
|
2,252
|
2,226
|
|||||
Total
Current Liabilities
|
1,168,645
|
100,038
|
|||||
|
|||||||
|
|||||||
Stockholders’
Equity
|
|||||||
Common
Stock (note 3)
|
74,855
|
74,855
|
|||||
Additional
Paid-in-Capital
|
11,872,951
|
11,867,547
|
|||||
Treasury
stock, at cost
|
(50,000
|
) |
-
|
||||
Accumulated
Comprehensive Loss
|
(4,816
|
) |
(2,296
|
)
|
|||
Deficit
accumulated during the development stage
|
(1,528,806
|
) |
(347,578
|
)
|
|||
Total
Stockholders' Equity
|
10,364,184
|
11,592,528
|
|||||
Total
Liabilities and Stockholders' Equity
|
$
|
11,532,829
|
$
|
11,692,566
|
Blacksands
Petroleum, Inc.
|
(Formerly
known as Lam Liang Corp.)
|
(A
Development Stage Enterprise)
|
Statements
of Operations
|
|
Unaudited
For
the Six Months
Ended
April
30, 2007
|
Unaudited
For
the Six Months
Ended
April
30, 2006
|
Unaudited
For
the Three
Months
Ended
April
30, 2007
|
Unaudited
For
the Three
Months
Ended
April
30, 2006
|
Unaudited
From
Inception
(October
12, 2004)
through
April
30, 2007
|
|||||||||||
Revenues:
|
|
|
|
|
|
|||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Total
Revenues
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
|
||||||||||||||||
Expenses:
|
||||||||||||||||
Professional
Fees
|
209,792
|
625
|
65,263
|
625
|
525,233
|
|||||||||||
Loss
on abandoned fixed assets
|
-
|
-
|
-
|
-
|
1,494
|
|||||||||||
Employee
remuneration
|
25,993
|
-
|
13,098
|
-
|
55,454
|
|||||||||||
Website
& contract services
|
1,060
|
-
|
97
|
-
|
11,758
|
|||||||||||
Depreciation
|
4,006
|
42
|
2,059
|
21
|
6,449
|
|||||||||||
Exploration
expenses (note 12)
|
1,124,029
|
-
|
1,124,029
|
-
|
1,124,029
|
|||||||||||
Office
and Administration
|
55,846
|
4,111
|
26,885
|
2,503
|
155,020
|
|||||||||||
Total
Expenses
|
1,420,726
|
4,778
|
1,231,431
|
3,149
|
1,879,439
|
|||||||||||
Net
loss from Operations
|
(1,420,726
|
)
|
(4,778
|
)
|
(1,231,431
|
)
|
(3,149
|
)
|
(1,879,439
|
)
|
||||||
|
||||||||||||||||
Other
Income and Expenses:
|
||||||||||||||||
Interest
Income
|
238,260
|
-
|
117,440
|
-
|
374,081
|
|||||||||||
Gain
(loss) from Currency Transaction
|
1,238
|
-
|
(171
|
)
|
-
|
1,552
|
||||||||||
Net
Loss before Taxes
|
(1,181,228
|
)
|
(4,778
|
)
|
(1,114,162
|
)
|
(3,149
|
)
|
(1,503,806
|
)
|
||||||
|
||||||||||||||||
Provision
for Income Taxes:
|
||||||||||||||||
Income
Tax Benefit
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Net
Loss
|
$
|
(1,181,228
|
)
|
$
|
(4,778
|
)
|
$
|
(1,114,162
|
)
|
$
|
(3,149
|
)
|
$
|
(1,503,806
|
)
|
|
|
||||||||||||||||
Other
Comprehensive Income (Loss)
|
$
|
(2,520
|
)
|
$
|
1,823
|
$
|
8,796
|
$
|
-
|
$
|
(4,816
|
)
|
||||
Total
Comprehensive Loss
|
$
|
(1,183,748
|
)
|
$
|
(2,955
|
)
|
$
|
(1,105,366
|
)
|
$
|
(3,149
|
)
|
$
|
(1,508,622
|
)
|
|
|
||||||||||||||||
Basic
and Diluted Loss Per Common Share
|
$
|
(0.02
|
)
|
$
|
(0.00
|
)
|
$
|
(0.02
|
)
|
$
|
(0.00
|
)
|
$
|
(0.03
|
)
|
|
Weighted
Average number of Common Shares used in per share
calculations
|
45,849,175
|
63,000,000
|
44,854,700
|
63,000,000
|
54,720,750
|
|||||||||||
|
Blacksands
Petroleum, Inc.
|
(Formerly
known as Lam Liang Corp.)
|
(A
Development Stage Enterprise)
|
Statement
of Changes in Stockholders’
Equity
|
Shares
|
Par
Value $0.001
|
Additional
Paid-In Capital
|
Treasury
Stock
|
Other
Compre-hensive Income
|
Deficit
Accumulated During Development Stage
|
Stockholder’s
Equity
|
||||||||||||||||
Balance
- October 12, 2004 - (inception)
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||
Stock
issued for cash -
|
||||||||||||||||||||||
October
12, 2004 (1)
|
30,000,000
|
30,000
|
-
|
-
|
-
|
(25,000
|
)
|
5,000
|
||||||||||||||
Foreign
Currency Translation Adjustment
|
-
|
-
|
-
|
-
|
(
5
|
)
|
-
|
(
5
|
)
|
|||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Balance
- October 31, 2004
|
30,000,000
|
30,000
|
-
|
-
|
(
5
|
)
|
(25,000
|
)
|
4,995
|
|||||||||||||
Stock
issued for cash -
|
||||||||||||||||||||||
March
4, 2005 (1)
|
33,000,000
|
33,000
|
22,000
|
-
|
-
|
-
|
55,000
|
|||||||||||||||
Foreign
Currency Translation Adjustment
|
-
|
-
|
-
|
-
|
(
2,787
|
)
|
-
|
(
2,787
|
)
|
|||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
(
13,780
|
)
|
(
13,780
|
)
|
|||||||||||||
Balance
- October 31, 2005
|
63,000,000
|
63,000
|
22,000
|
-
|
(
2,792
|
)
|
(
38,780
|
)
|
43,428
|
|||||||||||||
Equity
Compensation -
|
||||||||||||||||||||||
Granted
August 1, 2006
|
-
|
-
|
21,620
|
-
|
-
|
-
|
21,620
|
|||||||||||||||
Deferred
equity compensation
|
-
|
-
|
(18,918
|
)
|
-
|
-
|
-
|
(
18,918
|
)
|
|||||||||||||
Stock
issued for cash -
|
||||||||||||||||||||||
August
10, 2006
|
10,854,700
|
10,855
|
10,843,845
|
-
|
-
|
-
|
10,854,700
|
|||||||||||||||
Stock
issued on conversion
|
||||||||||||||||||||||
of
Debentures -
|
||||||||||||||||||||||
August
10, 2006
|
1,000,000
|
1,000
|
999,000
|
-
|
-
|
-
|
1,000,000
|
|||||||||||||||
Foreign
Currency Translation Adjustment
|
-
|
-
|
-
|
-
|
496
|
-
|
496
|
|||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
(
308,798
|
)
|
(
308,798
|
)
|
|||||||||||||
Balance
- October 31, 2006
|
74,854,700
|
74,855
|
11,867,547
|
-
|
(2,296
|
)
|
(347,578
|
)
|
11,592,528
|
|||||||||||||
Stock
repurchased for cash-
|
||||||||||||||||||||||
November
6, 2006
|
(
30,000,000
|
)
|
-
|
-
|
(50,000
|
)
|
-
|
-
|
(
50,000
|
)
|
||||||||||||
Equity
compensation expensed
|
-
|
-
|
5,404
|
-
|
-
|
-
|
5,404
|
|||||||||||||||
Foreign
Currency Translation Adjustment
|
-
|
-
|
-
|
-
|
(2,520
|
)
|
-
|
(2,520
|
)
|
|||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
(
1,181,228
|
)
|
(
1,181,228
|
)
|
|||||||||||||
Balance
- April 30, 2007
|
44,854,700
|
$
|
74,855
|
$
|
11,872,951
|
$
|
(50,000
|
)
|
$
|
(4,816
|
)
|
$
|
(1,528,806
|
)
|
$
|
10,364,184
|
(1)
On May 6, 2006, the Company declared a 30 for 1 forward stock split
(the
“Stock Split”) in the form of a dividend. The record date for the stock
split was June 21, 2006. The stock split has been recorded
retroactively.
|
Blacksands
Petroleum, Inc.
|
(Formerly
known as Lam Liang Corp.)
|
(A
Development Stage Enterprise)
|
Statements
of Cash Flows
|
|
|
(Unaudited)
November
1, 2006
Through
April
30, 2007
|
(Unaudited)
November
1, 2005
Through
April
30, 2006
|
(Unaudited)
From
Inception
(October
12, 2004)
Through
April
30, 2007
|
||||||
Cash
Flows from Operating Activities:
|
|
|
||||||||
Net
Loss
|
$
|
(1,181,228
|
)
|
$
|
(4,778
|
)
|
$
|
(1,503,806
|
)
|
|
Adjustments
to reconcile net loss to
|
||||||||||
net
cash used by operating activites:
|
||||||||||
Foreign
Currency Income (Loss)
|
(2,520
|
)
|
1,823
|
(4,816
|
)
|
|||||
Equity
compensation expense
|
5,404
|
-
|
8,106
|
|||||||
Loss
on abandoned fixed assets
|
-
|
-
|
1,496
|
|||||||
Office
Equipment and Furniture: Depreciation
|
4,006
|
42
|
6,449
|
|||||||
Changes
in Operating assets and liabilities
|
||||||||||
Prepaid
expenses
|
(24,525
|
)
|
-
|
(28,019
|
)
|
|||||
Exclusivity
agreement deposit
|
(90,080
|
)
|
-
|
(90,080
|
)
|
|||||
Rent
Deposit
|
(116
|
)
|
(74
|
)
|
(10,018
|
)
|
||||
Accounts
payable and accrued liabilities
|
1,068,581
|
-
|
1,166,393
|
|||||||
Payroll
and withholding taxes payable
|
2,065
|
-
|
||||||||
Accounts
payable to related party
|
26
|
-
|
2,252
|
|||||||
Net
Cash Used in Operating Activities
|
(220,452
|
)
|
(922
|
)
|
(452,043
|
)
|
||||
|
||||||||||
Cash
Flows from Investing Activities:
|
||||||||||
Purchase
of property and equipment
|
(2,104
|
)
|
-
|
(37,368
|
)
|
|||||
Net
Cash Used in Investing Activities
|
(2,104
|
)
|
-
|
(37,368
|
)
|
|||||
|
||||||||||
Cash
Flows from Financing Activities:
|
||||||||||
Issue
of convertible debentures
|
-
|
-
|
1,000,000
|
|||||||
Repurchase
of Common Stock
|
(50,000
|
)
|
-
|
(50,000
|
)
|
|||||
Sales
of Common Stock
|
-
|
-
|
10,914,700
|
|||||||
Net
Cash (Used in) Provided by Financing Activities
|
(50,000
|
)
|
-
|
11,864,700
|
||||||
|
||||||||||
Net
Increase (Decrease) in Cash
|
(272,556
|
)
|
(924
|
)
|
11,375,289
|
|||||
Cash
Balance, Beginning of Period
|
11,647,845
|
41,048
|
-
|
|||||||
Cash
Balance, End of Period
|
$
|
11,375,289
|
$
|
49,126
|
$
|
11,375,289
|
||||
Supplemental
Disclosures:
|
||||||||||
Cash
Paid for interest
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
Cash
Paid for income taxes
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
|
||||||||||
Non-cash
financing activities:
|
||||||||||
Conversion
of debentures into stock and warrants
|
$
|
-
|
$
|
-
|
$
|
1,000,000
|
||||
1.
|
DESCRIPTION
OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
|
1.
|
DESCRIPTION
OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
|
1.
|
DESCRIPTION
OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
|
1.
|
DESCRIPTION
OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
|
2.
|
PROPERTY
AND EQUIPMENT
|
April
30, 2007
|
October
31, 2006
|
||||||||||||
Cost
|
Accumulated
depreciation
|
Net
book
Value
|
Net
book
Value
|
||||||||||
Furniture
and fixtures
|
$
|
18,752
|
$
|
2,545
|
$
|
16,206
|
$
|
16,078
|
|||||
Office
equipment
|
16,760
|
3,542
|
13,218
|
15,247
|
|||||||||
$
|
35,512
|
$
|
6,087
|
$
|
29,424
|
$
|
31,325
|
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
|
60,900
|
(57,900
|
)
|
||||||
August
9, 2006 - Issued for cash
|
10,854,700
|
10,855
|
10,843,845
|
|||||||
August
9, 2006 - On conversion of
|
||||||||||
Convertible
Debentures
|
1,000,000
|
1,000
|
999,000
|
|||||||
Balance,
October 31, 2006
|
74,854,700
|
$
|
74,855
|
$
|
11,842,845
|
|||||
Repurchase
of stock for cash - November. 6, 2006
|
(30,000,000
|
)
|
(30,000
|
)
|
(20,000
|
)
|
||||
Balance,
April 30, 2007
|
44,854,700
|
$
|
44,855
|
$
|
11,822,845
|
3.
|
STOCKHOLDER'S
EQUITY
|
4.
|
RESTRICTED
CASH - HELD IN
ESCROW
|
5.
|
LOAN
FROM OFFICERS AND
DIRECTORS
|
6.
|
RELATED
PARTY
TRANSACTIONS
|
7.
|
STOCK
OPTIONS
|
8.
|
COMPREHENSIVE
INCOME
|
9.
|
LITIGATION
|
10.
|
CONVERTIBLE
DEBENTURES
|
11.
|
LEASE
COMMITMENTS
|
12.
|
SUBSEQUENT
EVENTS
|
12.
|
SUBSEQUENT
EVENTS
(continued)
|
April
30, 2007
|
October
31, 2006
|
||||||
Current
Assets (1)
|
$
|
11,403,308
|
$
|
11,651,339
|
|||
Total
Assets
|
11,532,829
|
11,692,566
|
|||||
Current
Liabilities
|
1,168,645
|
100,038
|
|||||
Stockholders’
Equity
|
10,364,184
|
11,592,528
|
Exhibit
No.
|
|
Description
|
10.1
|
Amendment
of Exclusivity Agreement, dated May 4, 2007, between the Registrant
and
Access Energy Inc.(1)
|
|
10.2
|
Loan
Agreement, dated May 17, 2007, between the Registrant and Access
Energy,
Inc.(2)
|
|
10.3
|
Promissory
Note, dated May 17, 2007, issued by Access Energy,
Inc.(2)
|
|
31.1
|
|
Sec.
302 Certification of Principal Executive Officer
|
31.2
|
|
Sec.
302 Certification of Principal Financial Officer (3)
|
32.1
|
|
Sec.
906 Certification of Principal Executive Officer
|
32.2
|
|
Sec.
906 Certification of Principal Financial Officer
(4)
|
(1)
|
Incorporated
by reference to the Registrant’s Form 8-K, filed on May 7,
2007
|
(2)
|
Incorporated
by reference to the Registrant’s Form 8-K, filed on May 21,
2007
|
(3)
|
Included
in Exhibit 31.1 filed herewith
|
(4)
|
Included
in Exhibit 32.1 filed herewith
|
BLACKSANDS
PETROLEUM, INC.
|
||
|
|
|
Date: June 14, 2007 | By: | /s/ Darren Stevenson |
Name: Darren Stevenson |
||
Title:
President and Chief Executive
Officer
|