Toronto, Ontario, February 21, 2008 -- Blacksands Petroleum, Inc. (OTC Bulletin Board: BSPE) (the "Company") wishes to announce that the Board of Directors approved a revised stock option plan for the Company on February 15, 2008. The revised stock option plan is subject to regulatory and shareholder approvals.

As well, the Company wishes to announce that on February 15, 2008, it granted 2,200,000 stock options to officers, directors and consultants of the Company. These options are exerciseable at $1.90 per share for a term of five years, subject to all necessary approvals, and have the following vesting provisions:

991,666 options vested immediately
604,166 options vest when the stock price trades at or above $2.50 for ten consecutive trading days; and
604,168 options vest when the stock price trades at or above $3.00 for ten consecutive trading days

About Blacksands Petroleum:

Blacksands Petroleum, Inc. is a public company (OTCBB:BSPE) engaged in the acquisition, exploration and development of conventional and unconventional oil and gas fields in North America.