BlackPearl Resources Inc.
BLACKPEARL DEFERS ESTABLISHMENT OF TERM LOAN FACILITY FOR ITS ONION LAKE THERMAL PROJECT DUE TO VOLATILE DEBT MARKETS

BlackPearl Resources Inc. 

26.06.2013 03:11

Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

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CALGARY, ALBERTA - BlackPearl Resources Inc. ('BlackPearl' or the 'Company')
(TSX:PXX) (NASDAQ OMX Stockholm:PXXS) announced today that, due to recent
volatility in the debt capital markets, it has decided not to proceed with its
proposed US$350 million second-lien senior secured term loan facility at this
time. The Company will re-evaluate its financing options when capital markets
stabilize. Construction of the Onion Lake thermal enhanced oil recovery project
will be deferred until alternative financing is established; however,
engineering and certain long lead planning will continue. 



Operations Update

Oil and gas production in the second quarter is expected to average between
9,500 and 10,000 barrels of oil equivalent (boe) per day, an increase from the
first quarter production of 9,087 boe per day. The increased production in
conjunction with improved heavy oil differentials will have a positive impact
on our second quarter revenues and cash flows. The increase in production is
attributable to first quarter drilling at Onion Lake as well as improved
productivity from our steam-assisted gravity drainage (SAGD) pilot well at
Blackrod. We implemented a less restrictive sand control program late in the
first quarter which has resulted in the pilot well averaging in excess of 600
barrels of oil per day during the month of June. We expect the pilot well to
stabilize at 400 to 500 barrels of oil per day. Once the first well is
stabilized we will initiate steam to our second well pair to test a different
completion technique. 

At Onion Lake, we have received technical approval from the Saskatchewan
government for the 12,000 barrel per day thermal EOR project. 

John Festival, President of BlackPearl, commented, 'Our thermal projects at
both Blackrod and Onion Lake are significant mid to long term value generators
for the Company. It is prudent to initiate these projects on a solid financial
footing and, until the debt markets stabilize, we have decided to defer our
proposed debt financing.' 

Our second quarter operating and financial results will be released on August
8, 2013. 



Forward-Looking Statements

This news release contains certain forward-looking statements and
forward-looking information (collectively referred to as 'forward-looking
statements') within the meaning of applicable Canadian securities laws. All
statements other than statements of historical fact are forward-looking
statements. Forward-looking information typically contains statements with
words such as 'anticipate', 'believe', 'plan', 'continuous', 'estimate',
'expect', 'may', 'will', 'project', 'should', 'target', 'forecast' or similar
words suggesting future outcomes. In particular, and without limitation, this
press release contains forward-looking statements pertaining to alternative
financing for the Onion Lake thermal project, the estimated range of daily oil
and gas production volumes during the second quarter, the anticipated
stabilized production rate for the Blackrod SAGD pilot well and the timing for
the commencement of steam injection in the second well at Blackrod. 

Undue reliance should not be placed on forward-looking statements, which are
inherently uncertain, are based on estimates and assumptions, and are subject
to known and unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or circumstances
contemplated by the forward-looking statements will not occur. Further
information regarding these risk factors may be found under 'Risk Factors' in
the Company's most recent Annual Information Form. Readers are cautioned that
these factors and risks are difficult to predict and that the assumptions used
in the preparation of such information, although considered reasonably accurate
at the time of preparation, may prove to be incorrect. There can be no
assurance that the plans, intentions or expectations upon which forward-looking
statements are based will be realized. Accordingly, readers are cautioned that
the actual results achieved will vary from the information provided herein and
the variations could be material. There is no representation by the Company
that actual results achieved will be the same in whole or in part as those set
out in the forward-looking information. Furthermore, the forward-looking
statements contained in this release are made as of the date hereof, and the
Company does not undertake any obligation, except as required by applicable
securities legislation, to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise. The forward-looking statements contained herein are
expressly qualified by this cautionary statement. 




         For further information, please contact:
         John Festival - President and Chief Executive Officer, Tel.: (403)
215-8313 
         Don Cook - Chief Financial Officer, Tel: (403) 215-8313
News Source: NASDAQ OMX



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Language:     English
Company:      BlackPearl Resources Inc.
              
               
              Sweden
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         SE0002060863
WKN:          
 
End of Announcement                             DGAP News-Service
 
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