Skip to main content Corporate Update March 2016 – Blackpearl Resources, Inc. Investor Presentation | Shale Experts
Loading...
Pm

Corporate Update March 2016 – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · Mar 12, 2016 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 1
    Corporate Update March 2016
  2. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 2
    Overview THE BASICS Shares Outstanding (MM) (1): Basic 335.6 o Our focus is heavy oil and oil sands Fully Diluted 365.3 o Exposure to long life low decline reserves Current Share Price (/share) 0.59 Market Capitalization (MM) 198 o…
  3. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 3
    2015 Highlights EXECUTION o Completed the first phase of the Onion Lake thermal project on time and on budget; production ramp-up in-line with expectations o More than doubled PDP reserves by bringing on the Onion Lake thermal…
  4. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 4
    2015 Reserves and Resources o PDP reserves increased 127% Volume BT PV10% o Onion Lake thermal is on production (MMboe) ( million) o 2P Reserve value is equivalent to 6/share 2P Reserves (1) 294 2,215 o 2C risked Contingent Resource…
  5. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 5
    Three Core Properties CORE PROPERTIES o All are in heavy oil and oil sands regions o Employing primary (CHOPS), tertiary (polymer) and thermal recovery methods Blackrod Athabasca (SAGD) Peace o All projects have been delineated and…
  6. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 6
    Property Review 7
  7. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 7
    Onion Lake - Overview THE BASICS o Located in Saskatchewan, 30 miles north of Lloydminster o Partially on crown leases, but our activities Peace Athabasca are predominantly on the Onion Lake Cree River Nation reserve Cold Lake o…
  8. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 8
    Onion Lake - Primary THE BASICS o Over 300 wells drilled o Expect initial production of 40 60 b/d o Expect recovery of 40,000 80,000 bbls per well o Capex of 0.5mm per well CURRENT STATUS o Producing 2,000 b/d from 51 wells o 1,200 b/d…
  9. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 9
    Onion Lake Thermal EOR Project THE BASICS - PHASE 1 (6,000 b/d) Onion Lake Thermal o Built on time and on budget 225mm 6,000 6 o First steam June 2015 5,000 5 4,000 4 o First oil September 2015 3,000 3 o Utilizing a modified SAGD…
  10. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 10
    Onion Lake Thermal - Economics THE BASICS ESTIMATED OPERATING INCOME(1)(2) o Royalties of 10% (pre-payout) (mm/Yr) o Operating costs of 15/bbl 100 o Sustaining capital of 4-6/bbl 80 o Break-even wellhead price of 25/bbl (3) 60 40…
  11. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 11
    Blackrod SAGD Oil Sands Project THE BASICS o Located in the Athabasca oil sands o 100% owned and operated o Grand Rapids reservoir at a depth of 300 metres CURRENT STATUS o Successful pilot operated since 2012 o Commercial development…
  12. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 12
    Blackrod Successful Pilot FIRST WELL PAIR Blackrod SAGD Commercial Well Pair o Production peak rates of 400 b/d; (2nd Well Pair) ISOR of 3 600 6 o Produced 250,000 bbls 500 5 o Confirmed the SAGD process appropriate for the reservoir…
  13. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 13
    Blackrod Commercial Development COMMERCIAL o 80,000 b/d commercial development application filed in Q2 2012 1 mile o Approval has been slower than expected but no major hurdles o Approval expected in 2016 o Project to be built in…
  14. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 14
    Mooney ASP Flood Project THE BASICS o Bluesky reservoir at a depth of 900 m o Drilled over 90 horizontal wells o Phase 1 of the ASP flood initiated in 2011 Athabasca o 25 injectors, 24 producers Peace River o Production increased…
  15. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 15
    Mooney ASP Flood Project CURRENT STATUS o Majority of phase 1 recently Phases 3 & 4 Phase 2 shut-in due to low prices Phase 1 Phase 2 o Need WTI US45/bbl to re-initiate flood o Phase 2 and 3 lands are Company Lands currently…
  16. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 16
    Financial Review
  17. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 17
    Lowering our cost structure Operating Costs - /boe OPEX 30.00 o Lowered service provider costs 20.00 21% o Improved processes 10.00 25.24 19.94 21% 15.75 o Shut-in high cost production (Mooney, primary at Onion Lake) 0.00 2014…
  18. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 18
    Credit Facility Review BANK CREDIT FACILITIES o Bank credit facilities are 150 million o Renewed in December, next borrowing base review in May 2016 o Reserve based loan, with one financial covenant (working capital ratio) Utilized…
  19. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 19
    Hedging Position CASHFLOW IMPACT OF OUR HEDGES o For 2016, we have 3,000 b/d hedged at a (mm) WCS price of C48.75/bbl 30 o Represents 30% of our 2016 production 25 volumes 20 o In 2015, we realized 37 million from our 15 hedging…
  20. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 20
    2016 Guidance o Capital spending will be curtailed until we 2015 2016E(1) see a sustained price recovery Average production (boe/d) 8,330 9,000 10,000 o Continue to operate the Blackrod pilot Capital expenditures (MM) 69 10 - 15 o…
  21. Corporate Update March 2016 – Blackpearl Resources, Inc. – slide 21
    Key Takeaways o Estimated 6/share of reserve value and 4/share of risked contingent resource value (1) o All of our projects have been delineated, piloted, in development or ready for development o Our solid balance sheet allows us to…

From the store

Browse maps, data & reports in the Shale Experts store