Black Rock Petroleum Company Announces further updates on Sakhalin Islands Explorations

Washington, Washington, UNITED STATES

Los Angeles Ca , June 02, 2021 (GLOBE NEWSWIRE) -- Black Rock Petroleum
JUNE,2 2021

Los Angeles Ca, June 2, 2021 (GLOBE NEWSWIRE) -- Los Angeles, CA JUNE, 2, 2021

Black Rock Petroleum OTC Markets BKRP, announced that the company has attended the Sakhalin Island investment conference held in Moscow City, Moscow on May 31st 2021, Governor of Sakhalin Island Governor Valery Limarenko, invited companies to invest in the region and develop projects. With such support Black Rock Petroleum is encouraged to progress its planned investment and carry out a site inspection and due diligence review of two very large hydrocarbon exploration licenses in the Far East Region of Sakhalin Island, Russian Federation.

Black Rock Petroleum Company (OTC:BKRP), a Nevada corporation. announced today that further to its it’s planned a site inspection and due diligence review of two vast onshore oil and gas fields on Sakhalin Island in the Russian Federation, Philip Andrews, its Russian oil and gas advisor and Managing Director of BKRP, subsidiaries Torrance Petroleum LLC, has attended an important Sakhalin Island investment Conference in Moscow, hosted by the Sakhalin Development Agency and the Governor of Sakhalin Island Region Governor Valery Limarenko. The conference was supported by The Russian Far East and Arctic Development Fund.

Valery Limarenko

Philip Andrews will now visit Sakhalin Island next week to carry out the site inspection and due diligence on the oil and gas exploration permits in Sakhalin Island and will prepare an economic viability assessment of a drilling program to be undertaken on Sakhalin Island as part of a proposed joint venture with a local partner West Oil LLC, who is the license holder and local partner.

A delegation of the Sakhalin Oblast government, headed by Governor Valery Limarenko, held a presentation in Moscow of investment projects that the region wants and is ready to implement on the basis of public-private partnership.In total, during a road show in the capital, the region presented 91 projects worth 107 billion rubbles ($1.46 billion) to investors. The projects are related to the construction of social and communal facilities, the modernization of heating systems, water supply and sewerage systems in cities, as well as gasification. The last point in the course of the presentations aroused the most interest - so far this strategic area has been dispensed with the participation of private investors.

- I could say "100 projects worth 100 billion" and you would think that we are talking some kind of fantasy. But we neatly counted all the projects, neatly counted all the money, each of them has a specific production and specific investors, '' Valery Limarenko assured the Moscow capital owners of the seriousness of the regional intentions. 

Sakhalin Island is in the Far East of Russia in the North Pacific Ocean. It is the country’s largest island and lies only 68 miles north of Japan. The island has a long history of oil and gas production dating back to 1940 and is home to the Sakhalin 2 Project, a huge offshore gas field that is now owned and operated by Sakhalin Energy.

Shareholders of Sakhalin Energy include:

  • Gazprom Sakhalin Holdings B.V. (subsidiary of Gazprom) – 50% plus 1 share
  • Shell Sakhalin Holdings B.V. (subsidiary of Royal Dutch Shell) – 27.5% minus 1 share
  • Mitsui Sakhalin Holdings B.V. (subsidiary of Mitsui) - 12.5% Share
  • Diamond Gas Sakhalin (subsidiary of Mitsubishi) 10%

Sakhalin 2 is one of the largest energy projects in the world, with tens of billions of dollars invested to date by major global companies including Shell Oil, Gazprom, Exxon-Mobile and Mitsui. Sakhalin Island still contains an abundance of oil and gas reserves to be produced in the future.

Mr. Andrews commented “We are excited to progress our potential entry into the Sakhalin Island's oil and gas sector. We see this as a way to rapidly grow Black Rock Petroleum by leveraging our extensive industry contacts internationally, consistent with our goal of growing Black Rock Petroleum into a significant international oil company via acquisitions and joint ventures. We believe that acquiring oil fields in the prolific oil and gas producing region of Sakhalin islands will provide us with a significant competitive advantage moving forward, particularly in light of President Biden's newly signed executive order signed placing one-year moratoriums on issuing new oil leases on public lands in the USA and on the permitting process for drilling new oil wells on US Federal lands. The Biden administration’s policies will result in future restrictions on these lands being made available for oil field leases, which in turn will make foreign oil field projects more attractive to US oil and gas companies who will be driven to foreign opportunities that are not impeded by excessive regulation and that welcome American oil industry expertise and investment.

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Safe Harbor Statement: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934; and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and as such are by definition subject to risks and uncertainties.

Zoltan Nagy, CEO
Source: Black Rock Petroleum Co.

Authorized by Zoltan Nagy, CEO


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