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ANNUAL GENERAL MEETING – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · May 8, 2014 · 24 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. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 1
    ANNUAL GENERAL MEETING MAY 8, 2014
  2. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 2
    Company Overview
  3. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 3
    Corporate Profile We are a heavy oil and oilsands Company with: Current production from all our core areas Potential to increase production 10X from our three core projects Healthy balance sheet Significant management ownership…
  4. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 4
    Asset Highlights The three core areas have common characteristics Reserves(1) Contingent Resources (1) BlackPearl operated C2 High working interests Resource exploitable with proven 631 2101 technology Significant amount of 2P…
  5. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 5
    Key Elements of BlackPearls Business Strategy Continue to invest in existing low risk heavy oil production at Mooney and Onion Lake to provide stable cash flow to support development projects Existing production from primary wells at…
  6. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 6
    Operations Overview
  7. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 7
    BlackPearls Operating Philosophy Common characteristics of BlackPearls core assets Proven development and exploitation model Identify Onion Lake Mooney Blackrod Land capture and delineate reserve / resource Validate Test,…
  8. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 8
    Onion Lake Conventional Development Overview Onion Lake Area Map Established conventional heavy oil production (1) Current average daily production of 4,200 bbl/d Well-delineated field with over 300 wells drilled to date…
  9. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 9
    Onion Lake Thermal EOR Development Overview Regional analogue map Net pay in the Lower Cummings Formation on a portion of the Onion Lake lands is 10 m 24 m, making it suitable for thermal development Other similar thermal projects in…
  10. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 10
    Onion Lake Thermal EOR Development (contd) Comparison 1 Lashburn Comparison 2 Tangleflags Producing since the late 1980s, with SOR of 3.0 4.0 Currently producing 9,800 boe/d, with SOR of 2.3 Projected eventual recovery of 70% of the…
  11. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 11
    Onion Lake Thermal EOR Development (contd) Development Plan Phased Thermal Development at Onion Lake Onion Lake Thermal EOR development enjoys attractive capex intensity due to location and regulatory advantages More favourable…
  12. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 12
    Mooney Alkali Surfactant Polymer (ASP) Flood Overview Key Metrics Focused on the Bluesky Formation Production Oil quality Regulatory stage Current Potential (2) 2P reserves (5) 2C resources(5) (API) (boe/d) (boe/d) (mmboe) (mmboe)…
  13. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 13
    Mooney Expansion of ASP Flood Mooney Detailed Area Map Phase 3 Phase 2 Phase 1 Phase 2 Company Lands Company Wells 1 mile Future Future Area Wells Development Development Expansion Plans Drill an additional two…
  14. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 14
    Blackrod SAGD Oil Sands Project Key Blackrod Metrics Blackrod Area Map Stage of Oil Reg. Current Potential 2P 2C Qualty Approval Prod. (1) Prod. Reserves (2) Resources (2) [ API ] [bbl/d] [bbl/d] [mmbbl] [mmbbl] 9 Filed 211 80,000…
  15. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 15
    Blackrod SAGD Pilot Progress Overview BlackRod Pilot SAGD Well Pair Achieved commercial level production rates Over 400 bbl/d after 10 months of steam Mo Instantaneous SOR under 3.0 BlackRod Lower Grand Rapids Pilot SAGD Well Pair…
  16. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 16
    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 2014 Project to be built in phases, with the first…
  17. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 17
    Financial Summary
  18. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 18
    Conservative Financial Policies Ensure material development projects are fully funded at the outset Maintain prudent mix of debt and equity Target Debt to EBITDA of 1.0x 1.5x over the longer term While BlackPearl has historically…
  19. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 19
    Balance Sheet Strength Funding Sources Funding our Projects ( millions) 12/31/13 12/31/13 Onion Lake Thermal (proforma)(1) Phase 1 of the project is under construction Unutilized Credit Facilities 115 150 Fully funded through a…
  20. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 20
    2014 Guidance 2014 Estimates(1) 2014 Activities Capital Wells Production (MM) (bbl/d) Average Production (boe/d) 9,000-9,500 Onion Lake Primary 15-20 20-25 3,500-4,000 - continue developing drilling Funds flow from operations (…
  21. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 21
    Heavy Oil Pricing There was high volatility in heavy oil prices in 2013 WTI/WCS differentials ranged from 14% to 40% Crude transported by rail can help manage heavy oil differentials 30 35% of production is currently transported by…
  22. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 22
    Share Price versus Net Asset Value C2 Contingent Resources (NPV10%BT) (1) BlackPearl is trading at 45% of its 2P reserve value plus proforma working capital (1)(2) Current share price attributes no value to our 6.26/share Blackrod…
  23. ANNUAL GENERAL MEETING – 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. ANNUAL GENERAL MEETING – Blackpearl Resources, Inc. – slide 24
    Key Milestones Next 12 to 18 Months 2P Reserves (mmbbl) Regulatory approval for first 20,000 bbl/day phase at Blackrod 300 250 Development financing decisions for our 200 Blackrod thermal projects 150 100 Expansion of the ASP…

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