<SUBMISSION>
<ACCESSION-NUMBER>0001437749-12-004228
<TYPE>5
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20111221
<FILING-DATE>20120427
<DATE-OF-FILING-DATE-CHANGE>20120427
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>van Houweninge Mathijs
<CIK>0001433610
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>5
<ACT>34
<FILE-NUMBER>000-51403
<FILM-NUMBER>12789166
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>7805 NW 15TH STREET
<CITY>MIAMI
<STATE>FL
<ZIP>33126
</MAIL-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>Blackwater Midstream Corp.
<CIK>0001292518
<ASSIGNED-SIC>4220
<IRS-NUMBER>262590455
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>660 LABAUVE DRIVE
<CITY>WESTWEGO
<STATE>LA
<ZIP>70094
<PHONE>504-340-3000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>660 LABAUVE DRIVE
<CITY>WESTWEGO
<STATE>LA
<ZIP>70094
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Laycor Ventures Corp.
<DATE-CHANGED>20040602
</FORMER-COMPANY>
</ISSUER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>rdgdoc.xml
<DESCRIPTION>HOUWENINGE - FORM 5
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0305</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2011-12-21</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0001292518</issuerCik>
        <issuerName>Blackwater Midstream Corp.</issuerName>
        <issuerTradingSymbol>BWMS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001433610</rptOwnerCik>
            <rptOwnerName>van Houweninge Mathijs</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>660 LABAUVE DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WESTWEGO</rptOwnerCity>
            <rptOwnerState>LA</rptOwnerState>
            <rptOwnerZipCode>70094</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOther>1</isOther>
            <otherText>Former Director</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2011-12-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>420168</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.42</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1561654</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options (Right to Buy)</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.17</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-12-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>285714</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.17</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2011-12-21</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-01-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>705882</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options (Right to Buy)</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.17</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-12-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>420168</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.17</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2011-12-21</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-01-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>705882</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to a stock option grant in April 2009, in consideration for services rendered as a member of the issuer's Board of Directors, on December 21, 2011 reporting person exercised 705,882 options at $0.17 per share = $120,000; in an authorized cashless transaction. The cashless transaction resulted in the surrender of 285,714 common shares based on the closing per share price of $0.42 as of December 21, 2011 = $120,000, and the resulting issuance of 420,168 common shares.</footnote>
        <footnote id="F2">Pursuant to a stock option grant in April 2009, in consideration for services rendered as a member of the issuer's Board of Directors, on December 21, 2011 reporting person exercised 705,882 options at $0.17 per share = $120,000; in an authorized cashless transaction. The cashless transaction resulted in the surrender of 285,714 common shares based on the closing per share price of $0.42 as of December 21, 2011 = $120,000, and the resulting issuance of 420,168 common shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Mathijs van Houweninge</signatureName>
        <signatureDate>2012-04-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
