BlackPearl Adds 180 Million Barrels of reserves.. BlackPearl Adds 180 Million Barrels of Oil Reserves at its Blackrod SAGD Property.
CALGARY, ALBERTA--(Marketwire - June 4, 2012) - BlackPearl Resources Inc. (TSX:PXX)(FIRST NORTH:PXXS) ("BlackPearl" or the "Company") is pleased to announce that it has filed an 80,000 barrel per day commercial development application with the Energy Resources Conservation Board (ERCB) and Alberta Environment for its Blackrod Steam Assisted Gravity Drainage (SAGD) Project in northern Alberta. The first phase of this project is planned for 20,000 barrels of oil per day. The filing of the commercial application is the culmination of three years of delineation drilling, source water testing, cap rock integrity testing and a successful SAGD pilot operation that has reached commercial production rates after 10 months of testing. The commercial application included extensive public consultation and numerous environmental studies, including baseline testing for air, sound, water and surface disturbance and a pro-active program to monitor and mitigate environmental impacts.
Sproule Unconventional Limited (Sproule), an independent reserves evaluator, has completed an update to the proved plus probable reserves and contingent resource assessment for the Blackrod project. Based on, among other items, the delineation drilling completed this winter, performance of the pilot and the filing of the commercial development application, Sproule has assigned 182 million barrels of proved plus probable reserves to the first phase of the commercial project. In addition, Sproule has ascribed a best estimate contingent resource to the remainder of the project of 476 million barrels.
The project application is available for viewing on our website, www.blackpearlresources.ca, or on the ERCB website.
https://www.marketwire.com/press-release/blackpearl-adds-180-million-barrels-of-oil-reserves-at-its-blackrod-sagd-property-tsx-pxx-1665148.htm
Have a nice day.. / K-Lunsen