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November 2017 Corporate Presentation – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · Nov 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. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 1
    Corporate Presentation November 2017
  2. November 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. November 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 producer to a thermal heavy oil producer o Currently thermal production accounts for 60% of corporate…
  4. November 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. November 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. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 6
    Operations Review
  7. November 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. November 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 o Completed successful facility turnaround in July o Temporary impact on production in Q3 2017 Thermal Phase 2 (an additional 6,000 b/d) Development Area o…
  9. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 9
    Onion Lake Thermal Onion Lake Phase 1 Thermal Production Ramp-Up (b/d) 7000 Design Capacity 6000 5000 4000 3000 Facility turnarounds & inspections 2000 Initial steam injection 1000 0 Dec-15 May-16…
  10. November 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. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 11
    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 (includes initial +…
  12. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 12
    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 31 months o Pilot well has…
  13. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 13
    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…
  14. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 14
    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…
  15. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 15
    Financial Review
  16. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 16
    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 15.43 o Unit operating costs decreased 39%…
  17. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 17
    2018 Guidance 2018 Estimates Funds Flow Sensitivities (MM) 2017e(1) 2018e(2) 90 Production (boe/d) 80 Average 10,100 11-12,000 70 Exit 10,500 14,000 60 50 Capital expenditures (MM) 195-200 60-65 40 30 20 Adjusted funds flow (MM)…
  18. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 18
    2018 Guidance 2018 Capital Spending Blackrod 3% Onion Lake o Our 2018 focus will be on completing the Thermal(ph 2) Other 8% phase 2 expansion at Onion Lake as well as 20% sustaining capital (one additional well pad) o We…
  19. November 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 Sept 30) o Completes funding for the Onion Lake Phase 2 thermal expansion o…
  20. November 2017 Corporate Presentation – Blackpearl Resources, Inc. – slide 20
    Hedging Program o We use oil hedging to mitigate price volatility to support our capital program and debt repayment o Oil price is hedged out for the forward 18 months with 50% of forecast production hedged out 12 months; 20% hedged…
  21. November 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 Expand Onion lake thermal by an additional 4,000 6,000 bb/d o Initiate commercial development…

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