Bonanza Oil & Gas, Inc.(fka BGOI)

[BOS]

MAJOR UPDATE TO SEPTEMBER PR!

Bonanza Oil & Gas Enters Exploration Agreement on Apclark

HOUSTON, TX, Sep. 8, 2010 (Marketwire)

HOUSTON, TX -- (Marketwire) -- 09/08/10 -- Bonanza Oil & Gas, Inc. (OTCBB: BGOI), a Nevada Corporation and an independent oil and gas development company (the "Company" or "Bonanza") based in Houston, Texas, today announced that the Company has entered into an Exploration Agreement on its Apclark Field properties with Blacksands Petroleum Texas, LLC., an affiliate of Blacksands Petroleum, Inc. Bonanza and Blacksands anticipate the drilling of multiple wells to fully develop the Apclark Properties in Borden County, Texas.

The first well is expected to be drilled in the fall of this year."

Ok so this was the last PR from BGOI released last year in September. I decided to do some digging. They said in the last PR that they should be drilling in late fall....Check out the news update from Blacksands Website on January 10,2011...

This would not only confirm BGOI's position of 30% but that they not only are past the "exploration" part, but they are actually in the process of drilling RIGHT NOW!

News Release

January 10, 2011

Blacksands Petroleum Announces January 2011 Operational Update, Including Drilling Underway in the Spraberry

Reverse Stock Split Executed

HOUSTON, TX--(Marketwire - January 10, 2011) - Blacksands Petroleum, Inc. (OTCBB: BSPE (the "Company") is currently drilling the Everett Well No. 3 (APCLARK FIELD PROJECT) to an anticipated total depth of 9,200' in order to test the Spraberry, Wolfcamp, Strawn and upper Mississippian formations. The Company holds a 70% Gross Working Interest. The Company currently has an undivided leasehold interest in approximately 7,100 gross acres in the Spraberry trend.

http://www.blacksandspetroleum.com/news/nr110110.html

What does this mean to me. BGOI PPS is way undervalued here only because they downlisted from OTC...But the company should still have Capital from recent interest sold and retained rights, not to mention the working interest in multiple wells with Blacksands Petroleum.

Any communication from the CEO of BGOI at this point will help eaze investors mindset that they are still existing and earning revenue, but this PR, also proves that the last PR is moving forward imo.