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Last C$0.83 CAD
Change Today -0.05 / -5.68%
Volume 178.2K
As of 3:59 PM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

blackpearl resources inc (PXX) Snapshot

Open
C$0.83
Previous Close
C$0.88
Day High
C$0.85
Day Low
C$0.81
52 Week High
09/5/14 - C$2.33
52 Week Low
08/24/15 - C$0.62
Market Cap
278.6M
Average Volume 10 Days
387.3K
EPS TTM
C$0.04
Shares Outstanding
335.6M
EX-Date
--
P/E TM
21.8x
Dividend
--
Dividend Yield
--
Current Stock Chart for BLACKPEARL RESOURCES INC (PXX)

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blackpearl resources inc (PXX) Details

BlackPearl Resources Inc., an oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas, primarily heavy oil and bitumen in Canada and the United States. The company holds interests in the Onion Lake oil property covering an area of approximately 8,960 net acres located in Saskatchewan; the Mooney oil property comprising an area of approximately 61,280 acres in north-central Alberta; and the John Lake oil property covering an area of approximately 4,480 acres in the Cold Lake oil sands region in east central Alberta. It also holds interest in the Blackrod oil sands project with oil sand leases and permits covering an area of approximately 49,060 acres in the Blackrod area of northern Alberta. In addition, the company holds interests in various other areas of Saskatchewan and Alberta, including Fishing Lake, Reita Lake, Portage, Salt Lake, and Unity, Canada; and in various areas in the United States. The company was formerly known as Pearl Exploration and Production Ltd. and changed its name to BlackPearl Resources Inc. in May 2009. BlackPearl Resources Inc. was incorporated in 1984 and is headquartered in Calgary, Canada.

34 Employees
Last Reported Date: 02/26/15
Founded in 1984

blackpearl resources inc (PXX) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$250.0K
Chief Financial Officer
Total Annual Compensation: C$250.0K
Vice President of Operations
Total Annual Compensation: C$250.0K
Vice President of Exploration
Total Annual Compensation: C$250.0K
Compensation as of Fiscal Year 2014.

blackpearl resources inc (PXX) Key Developments

BlackPearl Resources Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings and Operating Guidance for the Year 2015

BlackPearl Resources Inc. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenues of CAD 26,286,000 against CAD 49,761,000 a year ago. Loss before income taxes was CAD 13,183,000 against income before income taxes of CAD 4,900,000 a year ago. Net and comprehensive loss for the period was CAD 10,079,000 or CAD 0.03 per share basic and diluted against net and comprehensive income for the period of CAD 4,684,000 or CAD 0.01 per share basic and diluted a year ago. Cash flow from operating activities was CAD 12,100,000 against CAD 24,042,000 a year ago. Funds flow from operations was CAD 14,968,000 against CAD 23,161,000 a year ago. Capital expenditures were CAD 15,992,000 against CAD 48,044,000 a year ago. For the six months, the company reported total revenues of CAD 44,312,000 against CAD 97,787,000 a year ago. Loss before income taxes was CAD 27,362,000 against income before income taxes of CAD 3,611,000 a year ago. Net and comprehensive loss for the period was CAD 21,023,000 or CAD 0.06 per share basic and diluted against net and comprehensive income for the period of CAD 3,558,000 or CAD 0.01 per share basic and diluted a year ago. Cash flow from operating activities was CAD 35,949,000 against CAD 42,559,000 a year ago. Funds flow from operations was CAD 27,908,000 against CAD 46,198,000 a year ago. Capital expenditures were CAD 58,973,000 against CAD 97,404,000 a year ago. For the second quarter, the company reported oil production of 7,550 bbl/d against 8,534 bbl/d a year ago. Natural gas production was 3,004 mcf/d against 2,176 mcf/d a year ago. Combined production was 8,051 boe/d against 8,897 boe/d a year ago. For the six months, the company reported oil production of 7,717 bbl/d against 8,827 bbl/d a year ago. Natural gas production was 2,655 mcf/d against 1,814 mcf/d a year ago. Combined production was 8,159 boe/d against 9,129 boe/d a year ago. For the year 2015, the company is still planning to spend CAD 70 to CAD 75 million on capital projects in 2015 (CAD 59 million have been spent to date) with the major focus being the construction of the Onion Lake thermal EOR project. The capital program is expected to be funded from a combination of anticipated funds flow from operations, which the company are expecting to be between CAD 40 and CAD 45 million, up from first quarter guidance of CAD 25 to CAD 30 million, and supplemented with existing credit facilities. Funds flow from operations of CAD 15 million to CAD 20 million. For the year 2015, the company anticipates oil and gas production to average between 8,000 and 9,000 boe/d in 2015, unchanged from the first quarter of 2015 guidance update.

Blackpearl Resources Inc. Commences Steam Injection at Onion Lake in Saskatchewan

BlackPearl Resources Inc. announced that it has commenced steam injection at its 6,000 barrel per day thermal EOR project at Onion Lake in Saskatchewan. This phase of the project includes 13 horizontal production wells on two well pad sites. First oil production is expected approximately three to six months after steam injection. At Blackrod, the company continues to achieve positive well results from the second SAGD pilot well pair. After completion of well and facility maintenance during the first quarter, the well has been producing in excess of 500 barrels of oil per day during April and May, with a steam oil ratio under three.

BlackPearl Announces Renewal of its Credit Facilities

BlackPearl Resources Inc. announced the renewal of its credit facilities. The company recently completed its annual review and semi-annual borrowing base redetermination with the syndicate of lending institutions in its credit facility. Under the terms of the amended credit agreement with the lenders, the total credit facilities available to the company remains at $150 million, consisting of a $125 million syndicated revolving line of credit, a non-syndicated operating line of credit of $10 million and a $15 million supplemental loan facility. In the event the lenders elect not to renew the credit facilities during its next scheduled review (by May 31, 2016) any amounts outstanding on the revolving and operating line of credit will be due and payable in full by May 27, 2017. Any outstanding advances under the supplemental loan facility are required to be repaid by May 28, 2016. The supplemental loan facility may also be repaid through proceeds of assets dispositions, capital raises, or increases to the $125 million syndicated revolving line of credit. Advances under the supplemental loan facility bear interest at 150 basis points (1.5%) above the rate applicable to advances under the revolving or operating line of credit. The next borrowing base redetermination will occur on or before November 30, 2015. In conjunction with the renewal of the credit facilities the company has agreed to hedge a minimum of 3,000 barrels of oil per day for 2016. The company expects that a portion of the reserves associated with the first phase of the Onion Lake thermal EOR project will be reclassified from undeveloped to producing reserves which should have a positive impact on the next borrowing base redetermination.

 

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