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APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · Apr 10, 2015 · 24 slides

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Slides

  1. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 1
    CORPORATE PRESENTATION APRIL 2015
  2. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 2
    Introduction Overview Shares Outstanding (MM) (1): Our focus is heavy oil Basic 335.6 Fully Diluted 356.4 Exposure to long life low decline reserves Current Share Price (/share): 0.88 Market Capitalization (MM): 295 Significant…
  3. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 3
    Properties 3 Core Areas All in heavy oil and oil sands regions Athabasca Blackrod Peace River Using primary (CHOPS), secondary (polymer) and tertiary Cold Lake (thermal) recovery methods Mooney Potential to increase…
  4. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 4
    Reserves / Contingent Resources 2015 Evaluations (1) 2P Reserves (1) Breakdown Volume BT PV10% December 31, 2014 Volume BT PV10% Onion Lake (MMboe) ( million) Thermal 2P Reserves 297 2,674 Onion Lake Blackrod Other Thermal…
  5. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 5
    Development Stages of BlackPearl Base Thermal EOR Oilsands Time frame 2009 Present 2015 2018 2018 - Potential 8,000 - 10,000 bbl/d 12,000+ bbl/d 80,000+ bbl/d Areas Onion Lake, Mooney, Onion Lake Blackrod John Lake Characteristics…
  6. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 6
    Overview - Base
  7. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 7
    Onion Lake - Conventional Development Key Metrics Onion Lake Area Map Production Oil quality Regulatory stage Current (1) Potential (2) 2P reserves (3) 2C resources (3) (API) (boe/d) (boe/d) (mmboe) (mmboe) 11 Approved 4,651 5,000…
  8. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 8
    Mooney Alkali Surfactant Polymer (ASP) Flood Overview Key Metrics Key to unlocking upside value has been the Production (2) (5) Oil quality Regulatory stage Current Potential 2P reserves 2C resources (5) implementation of an ASP(1)…
  9. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 9
    Mooney Expansion of ASP Flood Expansion Plans Phase 2 Drilled two wells in 2014 to complete ASP flood pattern Plan to expand ASP flood to these lands in 2016 Regulatory approval received Phase 3 6 wells drilled to date 4 to 6…
  10. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 10
    Overview - Thermal EOR
  11. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 11
    Onion Lake Thermal EOR Development Key Metrics Regional analogue map Production Oil quality Regulatory stage Current Potential (1) 2P reserves (2) 2C resources (2) (API) (boe/d) (boe/d) (mmboe) (mmboe) 11 Approved 0 12,000 85 32…
  12. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 12
    Onion Lake Thermal EOR Development (contd) Development Plan Phase One Thermal Development at Onion Lake Phase 1 of commercial development is under construction Modified SAGD process vertical injectors, horizontal producers 6,000…
  13. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 13
    Onion Lake Thermal Indicative Economics Per BBL Highlights Wellhead price 61.50 Recycle ratio of 3.5 to 4 Royalties 12.25 Operating costs 9.00 US55-60 WTI required for a Gas costs 7.00 15% ROR Netback 33.25 Capital 8.25 Cash…
  14. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 14
    Overview - Oil Sands
  15. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 15
    Blackrod SAGD Oil Sands Project Key Metrics Blackrod Area Map Stage of Oil Reg. Current Potential 2P 2C Qualty Approval Prod. (1) Prod. (3) Reserves (2) Resources (2) [ API ] [bbl/d] [bbl/d] [mmbbl] [mmbbl] 9 Filed 523 80,000 181…
  16. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 16
    Blackrod SAGD Pilot Progress Blackrod Second Pilot SAGD Well Pair First Pilot Well Pair Produced 240,000 barrels of oil to date Reached production rates of 400 bbl/day, iSOR 3 Confirmed the SAGD process works in this reservoir…
  17. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 17
    Blackrod Commercial Development Overview Phased Development at Blackrod 80,000 bbl/d commercial development application filed in Q2 2012 1 mile Application approval expected in 1H 2015 Project to be built in phases, with the first…
  18. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 18
    Financial Overview
  19. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 19
    2015 Guidance 2015 Estimates(1) 2015 Capital Spending Blackrod 2014 2015E(1) Other 8% Average Production (boe/d) 9,287 8,000 9,000 4% Onion Lake Primary Capital expenditures ( millions) 235 70 75 4% Mooney Funds Flow from…
  20. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 20
    Balance Sheet Strength CREDIT FACILITIES: 150 million Existing credit facilities will be used to complete the first phase of the Onion Lake thermal project Unutilized Typical 364 day credit facility 25 million Currently termed…
  21. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 21
    Managing Heavy Oil Pricing The following is a summary of the hedge contracts we have in place WCS Prices (Cdn ) (1) Subject of Option Volume Term Reference Strike Price Contract Traded Oil 4,000 bbls/d Q1 2015 CDN WCS CDN 80.00/bbl…
  22. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 22
    Operating Metrics Corporate Onion Lake The Onion Lake thermal project will Average (1) Thermal (2) improve our overall corporate cost Royalties 19% 10% structure Operating Expenses (/bbl) 25 16 Cash break-even for the Onion Lake…
  23. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 23
    Junior Oil Sands How are we Different BlackPearl is a Canadian heavy oil / oil sands producer with a combination of investment attributes that make it a unique opportunity 1. Experienced management team that has successfully built,…
  24. APRIL 2015 CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 24
    Key Milestones Next 12 to 18 Months 2P Reserves (mmbbl) First oil from Phase 1 of the Onion Lake thermal development 300 250 Potential sanctioning of Phase 2 of the 200 Onion Lake thermal development 150 100 Regulatory approval…

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