BlackPearl Resources Inc.
BLACKPEARL ENTERS INTO CONSTRUCTION CONTRACT FOR THE CENTRAL PROCESSING FACILITIES AT ITS ONION LAKE THERMAL PROJECT

BlackPearl Resources Inc. 

31.03.2014 23:00

Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group
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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) is pleased to announce that it has
entered into a lump sum contract with Propak Systems Ltd (Propak) for the
engineering, procurement and fabrication of the central processing facilities
for the Company's Onion Lake thermal project. Propak has successfully
constructed and installed processing facilities for three similar thermal
projects in Saskatchewan which are currently producing over 20,000 barrels of
oil per day. 

The first phase of the Onion Lake thermal project will have design capacity for
production of 6,000 barrels of oil per day. The full scope of the project
entails construction of central processing facilities for steam generation,
water handling and oil treating, drilling injection and producer wells,
drilling water source and disposal wells, as well as installation of water,
steam and emulsion pipeline infrastructure. Our total cost estimate for this
phase of the project is approximately $200 million. We anticipate construction
will take 12 to 15 months and steam injection will begin in the third quarter
of 2015. 

John Festival, President and CEO of BlackPearl, indicated that 'Developing our
thermal assets was a cornerstone element of our strategy in creating
shareholder value. The recent equity financings together with our credit
facilities has provided us with the funds to fully finance development of the
first phase of our Onion Lake thermal assets and we are beginning to ramp-up
construction to ensure  we can begin steam injection in 2015. We are pleased to
be partnering with Propak for the construction of our thermal facilities at
Onion Lake. Propak operates one of the largest engineering and fabrication
businesses in Canada and has demonstrated its ability to construct thermal
processing facilities for the heavy oil industry and the lump sum contract
provides us with cost certainty for a significant portion of the capital costs
on the project.' 

In addition, in accordance with the Swedish Financial Instruments Trading Act,
BlackPearl also wishes to announce that as a result of the exercise of employee
stock options and the completion of the public share offering, as at March 31,
2014, the Company has 328,398,308 common shares issued and outstanding with
voting rights. 



Forward-Looking Statements

Certain of the statements made and information contained herein is
forward-looking statements and forward looking information (collectively
referred to as 'forward-looking statements') within the meaning of Canadian
securities laws, including the design capacity of the first phase of the Onion
Lake thermal project, estimated costs of the project and the funding for
theproject, estimated construction time for the project and the anticipated
timing of initial steam injection. All statements other than statements of
historical fact may be forward-looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as 'anticipate',
'believe', 'plan', 'continuous', 'estimate', 'expect', 'may', 'will',
'project', 'should', 'predict', 'targeting', 'seek', 'intend', 'could',
'potential' or similar words. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
The Company believes the expectations reflected in those forward-looking
statements are reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should not be
unduly relied upon. 

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. There can be no
assurance that the plans, intentions or expectations upon which forward-looking
statements are based will in fact be realized. Actual results will differ, and
the difference may be material and adverse to the Company and its shareholders. 


         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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