Director Intends to Step Down Pending Sale of Access Energy's Shares
Blacksands Petroleum announced today that Mr. Paul A. Parisotto intends to resign as an officer and director of the Company at the Company's upcoming annual general meeting, if the shareholders approve the Company's proposal to sell a portion of its shares of Access Energy Inc., its majority-owned subsidiary, to the other shareholder of Access, as announced on April 30, 2009. Mr. Parisotto will remain as the President and CEO of Access.
Mr. Mark Holcombe, currently an independent director and the Chair of the Company's Audit Committee, has agreed to serve as the Company's President and CEO, if Mr. Parisotto resigns. Mr. Holcombe founded Stirling Partners Limited in 2006, was the former Head of Corporate Development and Private Equity and Chief Compliance Officer at GEM Global Equities Management, S.A., an emerging market hedge fund, and was also an investment banker at DLJ and ING Capital in New York. Mr. Holcombe has over 18 years of natural resource industry and corporate finance experience. Since 2007, he serves on the board of Sandfield Ventures Corporation, PNG LNG Ltd. and Pacific LNG Operations LTD. Mr. Holcombe holds a B.A. from Colgate University.
Mr. Parisotto will be available to assist Mr. Holcombe with the transition.
The Company expects to announce a definitive date for its upcoming annual general meeting in the near future.
As well, the Company announced on April 30, 2009 that it will be seeking shareholder approval of a 1-for-3 reverse stock split. Finally, the Company announced that the Board of Directors has rescinded its approval of the pending grant of stock options under the amended 2008 Company Stock Option Plan, yet to be approved by the shareholders.