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CALGARY, ALBERTA -- (Marketwire) -- 02/13/13 -- BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX: PXX)(OMX: PXXS) is pleased to announce the results of its 2012 year-end oil and gas reserves evaluation, contingent resource evaluation and to provide an operations update on the Company's current activities.
Highlights include:
-- 496% increase in total proved and probable reserves to 213 million barrels of oil equivalent;-- The increase is primarily attributable to the initial recognition of reserves for the first phase of commercial development at Blackrod SAGD project;-- Our largest property is the Blackrod SAGD project with 2P reserves of 182 million barrels and best estimate contingent resources of 476 million barrels of oil, with potential production of 80,000 barrels of oil per day;-- Our Onion Lake SAGD project has best estimate contingent resources of 67 million barrels of oil, with potential production of 12,000 barrels of oil per day;-- A total of 582 million barrels of contingent resources (best estimate) on our 3 core properties;-- Over 99% of reserves are heavy oil;-- Q4 2012 production of 9,067 boe/day, a 4% increase compared to Q4 2011; full year average production of 9,366 boe/day in 2012, a 23% increase from 2011.
Oil and Gas Reserves
The following tables summarize certain information contained in the independent reserves report prepared by Sproule Unconventional Limited ("Sproule") as of December 31, 2012. The report was prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which will be filed on SEDAR by March 31.
On a net present value basis (10% discount, before tax), approximately 61% of the value of the proved plus probable reserves were attributable to the first phase of the Blackrod project, 17% was attributable to the Onion Lake area and 18% was attributable to the Mooney area.
Summary of Oil and Gas Reserves
Natural Oil&NGL Gas 2012 2011(Company interest, before royalties) Reserves Reserves BOE (1) BOE (1)-------------------------------------------------------------------------------------------------------------------------------------------------------- (Mbbls) (MMcf) (Mboe) (Mboe)----------------------------------------------------------------------------Proved developed producing 7,101 223 7,138 6,642Proved developed non-producing 2,289 11 2,291 1,181Proved undeveloped 6,456 0 6,456 7,456----------------------------------------------------------------------------Total proved 15,846 234 15,885 15,279Probable 197,438 2 197,439 20,531----------------------------------------------------------------------------Total proved plus probable 213,284 236 213,324 35,811--------------------------------------------------------------------------------------------------------------------------------------------------------
