BlackPearl Resources Inc.



Mooney, Alberta


KEY FACTS

Working interest100%

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Land 56,640 net acres
2P reserves 15 MMboe (Dec. 31, 2013)
2C resources 35 MMboe (Dec. 31, 2013)
API 16° API
Recent Production 3,837 barrels of oil equivalent per day (Q4 2013)
Depth 900 metres
Formation Bluesky
Production Potential 7,000 - 10,000 barrels of oil equivalent per day



Mooney is a conventional heavy oil property located in north-central Alberta. BlackPearl has a 100% working interest in approximately 90 sections (57,920 acres) in the Mooney field. The Mooney field produces mainly from the Cretaceous Bluesky sand formation, which is at a depth of approximately 900 metres.

The Mooney field was initially developed for conventional production using horizontal wells. The Company believed the performance of the Mooney field could be further enhanced through ASP (Alkali, Surfactant, Polymer) flooding. ASP flooding involves adding a polymer chemical to the water to thicken it. The addition of alkali and surfactant chemicals reacts with the natural acidity of the oil to create an in situ "soap" to mobilize additional reservoir oil. This water and chemical mix is then injected to initially re-pressurize the reservoir and then sweep additional oil to the producing wells. A three well polymer pilot was initiated in 2008. As a result of the success of the polymer pilot, in late 2009, the Company filed a development application with the ERCB to commence a commercial ASP flood at Mooney. ASP injection commenced in the third quarter of 2011. In the first half of 2013, production from Phase 1 of the ASP flood was approximately 1,900 barrels per day. Peak production from Phase 1 is expected to be about 3,000 barrels per day.

To June 30, 2013 we have drilled 29 horizontal wells on the phase 2 expansion lands at Mooney which produced approximately 1,800 barrels per day in the first half of 2013. The ASP flood will be expanded to these lands in 2014.

At December 31, 2012, Sproule assigned proved plus probable reserves of 15.6 million barrels of oil equivalent to the Mooney area (BlackPearl's working interest, before royalties). In addition, as at December 31, 2012 Sproule has assigned 37 million barrels of oil equivalent of contingent resource (best estimate) to the Mooney area.  



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