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Corporate Presentation – Blackpearl Resources, Inc.

Blackpearl Resources, Inc. · Feb 3, 2015 · 25 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 2015
  2. Corporate Presentation – Blackpearl Resources, Inc. – slide 2
    Company Overview
  3. Corporate Presentation – Blackpearl Resources, Inc. – slide 3
    Corporate Profile Common shares Market Cap 325 million Shares Outstanding Basic 336 million Fully Diluted 355 million Average Trading Volume (3 months) 1,391,000 (TSX 953,500; OMX 437,500) Operations Production 9,000 bbls/d…
  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 (2014 pricing) - Management owns 9.4% of the Company (10.7% Committed…
  5. Corporate Presentation – Blackpearl Resources, Inc. – slide 5
    Development Stages First six 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
    Reserves / Contingent Resources 2015 Evaluations (1) 2P Reserves (1) Breakdown Volume BT PV10% December 31, 2014 Volume BT PV10% Onion Lake (MMboe) ( million) Thermal 2P Reserves 297 2,674 Onion Lake Blackrod Other Thermal…
  7. Corporate Presentation – Blackpearl Resources, Inc. – slide 7
    Operations Overview
  8. Corporate Presentation – Blackpearl Resources, Inc. – slide 8
    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,…
  9. Corporate Presentation – Blackpearl Resources, Inc. – slide 9
    Properties 3 Core Areas All heavy oil and oil sands Potential to increase production Blackrod Athabasca Peace River 10x from existing inventory Cold Lake Mooney Onion Lake A L B E R T A S A S K A T C H E W A N…
  10. Corporate Presentation – Blackpearl Resources, Inc. – slide 10
    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 4,651 5,000 9.5…
  11. Corporate Presentation – Blackpearl Resources, Inc. – slide 11
    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 85 32…
  12. Corporate Presentation – Blackpearl Resources, Inc. – slide 12
    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…
  13. Corporate Presentation – Blackpearl Resources, Inc. – slide 13
    Onion Lake Thermal EOR Development (contd) Development Plan Phase One Thermal Development at Onion Lake Phase 1 of commercial development is under construction Modified SAGD process utilize existing infrastructure 6,000 b/d…
  14. Corporate Presentation – Blackpearl Resources, Inc. – slide 14
    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)…
  15. Corporate Presentation – Blackpearl Resources, Inc. – slide 15
    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…
  16. Corporate Presentation – Blackpearl Resources, Inc. – slide 16
    Blackrod SAGD Oil Sands Project Key Metrics Blackrod Area Map Stage of Oil Reg. Current Potential 2P 2C Qualty Approval Prod. (1) Prod. (3) Reserves (2) Resources (2) [ API ] [bbl/d] [bbl/d] [mmbbl] [mmbbl] 9 Filed 523 80,000 181…
  17. Corporate Presentation – Blackpearl Resources, Inc. – slide 17
    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 Confirmed the SAGD process works in this reservoir…
  18. Corporate Presentation – Blackpearl Resources, Inc. – slide 18
    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 1H 2015 Project to be built in phases, with the first…
  19. Corporate Presentation – Blackpearl Resources, Inc. – slide 19
    Financial Summary
  20. Corporate Presentation – Blackpearl Resources, Inc. – slide 20
    2015 Guidance 2015 Estimates(1) 2015 Capital Spending Blackrod 2014 E(1) 2015F(2) Other 8% Average Production (boe/d) 9,287 8,000 9,000 4% Onion Lake Primary Capital expenditures ( millions) 235 240 70 75 4% Mooney Funds Flow…
  21. Corporate Presentation – Blackpearl Resources, Inc. – slide 21
    Balance Sheet Strength CREDIT FACILITIES: 150 million Credit facilities will be used to complete the first phase of the Onion Lake thermal project Typical 364-day credit facility Unutilized Currently termed out until May 31, 2016…
  22. Corporate Presentation – Blackpearl Resources, Inc. – slide 22
    Managing Heavy Oil Differentials The following is a summary of the hedge contracts we have in WCS Prices (Cdn ) (1) place Subject of Option 100.00 Volume Term Reference Strike Price Contract Traded Oil 4,000 bbls/d Q1 2015 CDN WCS…
  23. Corporate Presentation – Blackpearl Resources, Inc. – slide 23
    Operating Metrics Corporate Onion Lake The Onion Lake thermal project will Average (1) Thermal (2) bring down our overall corporate cost Royalties 19% 10% structure Operating Expenses (/bbl) 25.28 15 17 Cash break-even for the…
  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,…
  25. Corporate Presentation – Blackpearl Resources, Inc. – slide 25
    Key Milestones Next 12 to 18 Months 2P Reserves (mmbbl) First oil from Phase 1 of the Onion Lake Thermal EOR Development 300 250 Potential sanctioning of Phase 2 of the 200 Onion Lake Thermal EOR Development 150 100 Regulatory…

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