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Corporate Presentation – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · Aug 1, 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 AUGUST 2014
  2. Corporate Presentation – Blackpearl Resources, Inc. – slide 2
    Company Overview
  3. Corporate Presentation – Blackpearl Resources, Inc. – slide 3
    Corporate Profile Common shares Market Cap 0.75 billion Shares Outstanding Basic 336 million Fully Diluted 355 million Average Trading Volume (3 months) 896,000 Properties 3 Core Areas All Heavy oil and oil sands Athabasca…
  4. Corporate Presentation – Blackpearl Resources, Inc. – slide 4
    Key Considerations - Currently producing 9,000 b/d Existing Production - Production from all three core areas - Generates 80 - 100 mm in annual cash flow - Management owns 9.4% of the Company (10.7% Committed Management Team on a…
  5. Corporate Presentation – Blackpearl Resources, Inc. – slide 5
    Development Stages First five years (2009 2014) Production (bbl/d) Grew conventional production from 5,000 to 10,000 b/d 10,000 Developed a base of cashflow to tackle larger projects 8,000 Laid the foundation for the next stage of…
  6. Corporate Presentation – Blackpearl Resources, Inc. – slide 6
    Operations Overview
  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 Key Metrics Onion Lake Area Map Production Oil quality Regulatory stage Current (1) Potential (2) 2P reserves (3) 2C resources (3) (API) (boe/d) (boe/d) (mmboe) (mmboe) 11 Approved 3,915 5,000…
  9. Corporate Presentation – Blackpearl Resources, Inc. – slide 9
    Onion Lake Thermal EOR Development Key Metrics Regional analogue map Production Oil quality Regulatory stage Current Potential (1) 2P reserves (2) 2C resources (2) (API) (boe/d) (boe/d) (mmboe) (mmboe) 11 Approved 0 12,000 80 28…
  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 Thermal Development at Onion Lake Phase 1 of commercial development is under construction Modified SAGD process utilize existing infrastructure 6,000 b/d design…
  12. Corporate Presentation – Blackpearl Resources, Inc. – slide 12
    Mooney Alkali Surfactant Polymer (ASP) Flood Overview Key Metrics Key to unlocking upside value has been the Production (2) (5) Oil quality Regulatory stage Current Potential 2P reserves 2C resources (5) implementation of an ASP(1)…
  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 1 mile Future Future Area Wells Development Development Expansion Plans Phase 2 Drilled two wells in…
  14. Corporate Presentation – Blackpearl Resources, Inc. – slide 14
    Blackrod SAGD Oil Sands Project Key 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 306 80,000 182…
  15. Corporate Presentation – Blackpearl Resources, Inc. – slide 15
    Blackrod SAGD Pilot Progress BlackRod Second Pilot SAGD Well Pair First Pilot Well Pair Produced 240,000 barrels of oil to date Reached production rates of 400 bbl/day, iSOR 3 600.0 14 Confirmed the SAGD process works in this…
  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 1 mile Application approval expected in 2014 Project to be built in phases, with the first…
  17. Corporate Presentation – Blackpearl Resources, Inc. – slide 17
    Financial Summary
  18. Corporate Presentation – 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. Corporate Presentation – Blackpearl Resources, Inc. – slide 19
    Balance Sheet Strength Funding Sources Funding our Projects ( millions) 06/30/14 Onion Lake Thermal Phase 1 of the project is under construction Unutilized Credit Facilities 150 and is fully funded through a combination of Working…
  20. Corporate Presentation – Blackpearl Resources, Inc. – slide 20
    2014 Guidance 2014 Estimates(1) 2014 Capital Spending John Lake Blackrod Average Production (boe/d) 9,000-9,500 Other 3% 2% Onion Lake 4% Funds flow from operations ( millions) 80-85 Primary 7% Capital expenditures ( millions)…
  21. Corporate Presentation – Blackpearl Resources, Inc. – slide 21
    Managing Heavy Oil Differentials Risk Management(1) Volatility in Heavy Oil Prices WTI/WCS differentials range from 14% - 40% in 2013 Differentials 20 25% in 2014 (YTD) Expansion of rail transportation, together with refining and…
  22. Corporate Presentation – Blackpearl Resources, Inc. – slide 22
    Attractive Valuation 14.00 12.00 Shares are currently trading at 1P valuation, no value assigned to our probable reserves 10.00 Contingent and contingent resources Resource 8.00 Current share price attributes no value to Per…
  23. Corporate Presentation – 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. Corporate Presentation – 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 project 150 100 Expansion of the ASP flood…

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