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June 2016 Corporate Presentation – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · Jun 7, 2016 · 22 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. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 1
    Corporate Presentation June 2016
  2. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 2
    Company Overview THE BASICS Corporate: Symbol: PXX, PXXS o Our focus is heavy oil and oil sands Exchanges: TSX, OMX Shares Outstanding (MM) (1): o Exposure to long life low decline reserves Basic 335.6 o Significant management…
  3. June 2016 Corporate Presentation – 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. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 4
    2015 Reserve and Contingent Resource - Summary 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/sh 2P Reserves (1) 294 2,215 o 2C risked…
  5. June 2016 Corporate Presentation – 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 flood) and thermal recovery Blackrod Athabasca (SAGD) Peace methods River o All projects have been…
  6. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 6
    Operations Overview 7
  7. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 7
    Onion Lake - Primary THE BASICS o Active in the region since 2006 o Cummings reservoir at depth of 600 m o Over 300 wells drilled o Expect initial production of 40 60 b/d o Expect 40,000 80,000 bbls per well o Capex of 0.5mm per well…
  8. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 8
    Onion Lake - Thermal THE BASICS - PHASE 1 (6,000 b/d) Onion Lake Thermal EOR Project o Cummings reservoir at depth of 600 m 7,000 7 6,000 6 o Utilizing a modified SAGD process 5,000 5 o Built on time and on budget 225mm 4,000 4 3,000 3…
  9. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 9
    Onion Lake - Thermal ECONOMICS 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 o Break-even wellhead price of 25/bbl (3) 80 60 40 Thermal…
  10. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 10
    Blackrod SAGD - Overview THE BASICS o Located in the Athabasca oil sands o 100% owned and operated o Grand Rapids reservoir at a depth of 300 m CURRENT STATUS o Successful pilot operated since 2012 o WP2 producing 600 b/d; ISOR of 2.7…
  11. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 11
    Blackrod SAGD Successful Pilot FIRST WELL PAIR Second Well Pair o Production peak rates of 400 b/d; 700 7 ISOR of 3 600 6 o Produced 250,000 bbls 500 5 o Confirmed the SAGD process 400 4 appropriate for the reservoir 300 3 200 2…
  12. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 12
    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…
  13. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 13
    Mooney - ASP Flood THE BASICS o Bluesky reservoir at a depth of 900 m Phases 3 & 4 Phase 2 o Drilled over 90 horizontal wells Phase 1 Phase 2 o Phase 1 of the ASP flood initiated in 2011; production increased from 300 to 2,000 b/d o…
  14. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 14
    Relative Economics of Our Projects o Estimated economics (/bbl) for each of our major projects is as follows: Onion Lk Onion Lk Mooney Blackrod (Thermal) (Primary) (ASP flood) (Commercial) (/bbl) Sales Price 52.50 52.50 52.00 47.00…
  15. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 15
    Financial Review
  16. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 16
    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% 15.68 o Shut-in high cost production (Mooney, primary at Onion Lake) 0.00 2014…
  17. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 17
    2015 Capital Spending 1.2 2.1 Other o 69mm spent in 2015 3.4 o The focus of our capital spending was Onion Primary the completion of the first phase of the Onion Lake Thermal project Mooney o No new drilling in 2015…
  18. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 18
    Credit Facility Review BANK CREDIT FACILITIES o Bank credit facilities are 150 million o Borrowing base review in May 2016 o Reserve based loan, with one financial covenant (working capital ratio) o Current interest rate is 3.5%…
  19. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 19
    Hedging Position o For 2016, we have 3,000 b/d hedged at a CASHFLOW IMPACT OF OUR HEDGES (1) WCS price of C48.75/bbl (mm) o Represents 30% of our 2016 production 35 volumes 30 o In 2015, we realized 37mm from our 25 hedging program…
  20. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 20
    2016 Updated Guidance o Capital spending will be curtailed until we 2016E see a sustained price recovery Average production (boe/d) 9,000 10,000 o We will continue to operate the Blackrod pilot Capital expenditures (MM) 10 - 15 o…
  21. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 21
    2016 Updated Guidance contd Funds flow sensitivities - mm (1) 80 o Every 1/bbl change in WTI prices impacts our cash flow from operations 60 by 2.5mm o We are cash flow neutral at WTI prices of 40 US33/bbl (includes capex…
  22. June 2016 Corporate Presentation – Blackpearl Resources, Inc. – slide 22
    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…

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