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September 2017 Corporate Presentation – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · Sep 14, 2017 · 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. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 1
    Corporate Presentation September 2017
  2. September 2017 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 o Exposure to long life low decline reserves o Significant management ownership Shares Outstanding (MM) (1) Basic 336 o…
  3. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 3
    Successful Transition to Thermal o Our long term strategy has always been to transition the Company from a conventional heavy oil operator to a thermal heavy oil producer o Currently thermal production accounts for 60% of corporate…
  4. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 4
    Reserve and Contingent Resource - Summary o 6% increase in 2P reserves year over year Yearend 2016 Volume BT PV10% o Reserves added at Onion Lake (MMboe) (MM) o 2P reserve value is equivalent to 6/sh 2P Reserves (1) 312 2,055 o 2C risked…
  5. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 5
    Three Core Properties Core Properties o All are in heavy oil and oil sands regions Blackrod o All projects have been delineated and Athabasca (SAGD) Peace River piloted o All projects employ proven technologies: Cold Lake…
  6. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 6
    Operations Review
  7. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 7
    Onion Lake Primary The Basics o Active in the region since 2006 o Over 300 wells drilled o Expect initial production of 40 60 b/d o Expect 40,000 80,000 bbl per well o Capex of 0.45MM per well Current Status o Producing 2,000 b/d o 500…
  8. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 8
    Onion Lake Thermal Phase 1 (6,000 b/d) o Producing 6,000 b/d o ISOR 2.7 Phase 2 (an additional 6,000 b/d) o Sanctioned in February 2017 Thermal o Construction completion targeted for mid 2018 Development o First oil expected late 2018…
  9. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 9
    Onion Lake Thermal Onion Lake Phase 1 Thermal Production Ramp-Up (b/d) 7000 6000 5000 4000 Facility turnarounds & inspections 3000 2000 Initial steam injection 1000 0 10
  10. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 10
    Onion Lake Thermal Thermal Development Area Delineated o 197 existing delineation wells in the thermal development area o 90% 3D seismic coverage Thermal Development Plan in Place o Phase 1 13 horizontal production wells o Phase 2 14…
  11. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 11
    Onion Lake Thermal Phase 2 Construction Schedule 2017 2018 September September November November December December February October October January August August March March April April…
  12. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 12
    Onion Lake Attractive Thermal Economics o Operating (including energy) and transportation costs of 10 15/bbl o Low sustaining capital provides strong Free Funds Flow (FFF) o Break-even wellhead price of 27/bbl (net revenues less…
  13. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 13
    Blackrod SAGD The Basics o Located in the Athabasca oil sands o 100% owned and operated o Grand Rapids reservoir Current Status o Successful pilot operated since 2012 o Pilot well averaged 525 b/d over last 30 months with an average SOR…
  14. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 14
    Blackrod Commercial Development Commercial o Received regulatory and environmental approval for 80,000 b/d commercial 1 mile development in late 2016 o Project to be built in phases, with the first phase planned for 20,000 b/d o…
  15. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 15
    Mooney ASP Flood The Basics Phases 3 & 4 Phase 2 o Bluesky reservoir Phase 1 Phase 2 o Drilled over 90 horizontal wells o Phase 1 of the ASP flood initiated in 2011; production increased from 300 to 2,000 boe/d o Recoveries expected…
  16. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 16
    Financial Review
  17. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 17
    Improved Operating Efficiencies Operating Costs - /boe o The transition to thermal production has 30.00 resulted in significant improvements in operating efficiencies 20.00 25.24 10.00 14.98 o Unit operating costs decreased 41%…
  18. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 18
    2017 Guidance o Our focus in 2017 is the thermal expansion 2017E(1) at Onion Lake Average production (boe/d) 10,000 11,000 o Best economics of all our projects o Provides 60% production growth Capital expenditures (MM) 195 200…
  19. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 19
    Strong Financial Position Debt Structure o Issued second lien notes to Prudential o Bank credit facilities Capital Group in June 2017 o 120MM (undrawn as of June 30) o Completes funding for the Onion Lake Phase 2 thermal expansion o…
  20. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 20
    Hedging Program o We use oil hedging to mitigate price volatility to support capital program and debt repayment o Oil price hedged out for the forward 18 months SUMMARY OF CURRENT CONTRACTS 2017 2018 Reference Strike Price Type Q3…
  21. September 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 21
    Key Takeaways o Transition to long life, low decline thermal production o Finish construction of phase 2 thermal development at Onion Lake o Initiate commercial development at Blackrod o Economically expanding our production base in a…

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