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CORPORATE PRESENTATION – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · Feb 17, 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. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 1
    CORPORATE PRESENTATION February 17, 2014
  2. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 2
    Company Overview 3
  3. CORPORATE PRESENTATION – 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. CORPORATE PRESENTATION – 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 technology 631 2101 Significant amount of 2P…
  5. CORPORATE PRESENTATION – 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. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 6
    Operations Overview 7
  7. CORPORATE PRESENTATION – 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. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 8
    Onion Lake Conventional Development Overview Onion Lake Area Map Established conventional heavy oil production Current average daily production of 5,000 bbl/d Well-delineated field with over 300 wells drilled to date Thermal…
  9. CORPORATE PRESENTATION – 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 Black Pearl Other similar…
  10. CORPORATE PRESENTATION – 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. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 11
    Onion Lake Thermal EOR Development (contd) Development Plan Phased Development at Onion Lake Onion Lake Thermal EOR development enjoys attractive capex intensity due to location and 1 mile regulatory advantages More favourable…
  12. CORPORATE PRESENTATION – 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. CORPORATE PRESENTATION – 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 Future Future Development Development Area Wells Expansion Plans Drill an additional two horizontal wells…
  14. CORPORATE PRESENTATION – 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 262 80,000…
  15. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 15
    Blackrod SAGD Pilot Progress Overview BlackRod Pilot SAGD Pair Achieved commercial level production rates Over 400 bbl/d after 10 months of steam Instantaneous SOR under 3.0 Well has produced 215,000 barrels of oil to date Pilot…
  16. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 16
    Blackrod Commercial Development Overview Phased Development at Blackrod 80,000 bbl/d commercial development application filed in Q2 2012 Application approval expected in 2014 Project to be built in phases, with the first phase…
  17. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 17
    Perspectives on SAGD Reservoirs Blackrod best in class due to homogeneity BlackPearl: Blackrod CNRL: Primrose The Blackrod Grand Rapids development is within a relatively homogeneous and predictable shoreface sand reservoir in…
  18. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 18
    Financial Summary 19
  19. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 19
    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…
  20. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 20
    Balance Sheet Strength As of Dec 31, 2013 BlackPearl had a working capital deficiency of 9 million and we were undrawn on our available bank credit lines (115 million) Cash flow and existing credit facilities can fund ongoing…
  21. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 21
    Funding for Our Thermal Projects Objective is to balance NAV dilution versus taking on excess financial risk Onion Lake Project has received regulatory approval To be developed in two phases of 6,000 bbl/d; total capital costs of 350…
  22. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 22
    Heavy Oil Pricing There was high volatility in heavy oil prices in 2013 WTI and Brent (US ) 140 Realized oil price ranged from 35/bbl to 90/bbl 120 In 2013, we have partly managed the volatility in the 100 heavy oil differential by…
  23. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 23
    Share Price versus Net Asset Value C2 Contingent Resources (NPV10%BT) (1) 7.29/share 2.70/sh Blackrod 6.98/sh 2C 2.41 Share Price 3.64/sh Onion Lake (Feb 13, 2014) 7.29/sh 2.41 Share Price 2.44/sh (Feb 13, 2014)…
  24. CORPORATE PRESENTATION – Blackpearl Resources, Inc. – slide 24
    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,…

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