Blacksands Petroleum extends promissory note maturity to May 1, 2014

Investor Silver Bullet also to receive 9% of funds from sale of leases

By Devika Patel

Knoxville, Tenn., May 1 - Blacksands Petroleum, Inc. amended a promissory note on April 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The note was sold to Silver Bullet Property Holdings Sdn. Bhd. in a private placement on Nov. 19, 2010 and was previously amended on Sept. 27.

In the latest amendment, the note's maturity date was extended by one year to May 1, 2014 from May 1, 2013. In addition, the investor agreed to loan the company an additional $500,000 by April 25.

Also, the investor will be paid 9% of the net proceeds received by the company from the sale or divestment of the oil and gas mineral leases in the Apclark Field.

If the Company repays the note and interest by May 1, 2013, the investor's share of the net proceeds will be reduced to 4.5%. The total amount of the net proceeds to be paid to Silver Bullet is capped at 25% of the total amount owed on the note.

Based in Calgary, Alta., Blacksands is an oil exploration company.

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