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BlackPearl Resources, Company Intelligence Report

Published: Nov-2014 | Format: PDF | GlobalData | Number of pages: 132 | Code: MRS - 1722

BlackPearl Resources (BlackPearl) is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas. It was previously known as Pearl Exploration and Production and changed its name to BlackPearl Resources on May 8, 2009. BlackPearl was later amalgamated with Pearl E&P Canada on January 1, 2010. The companys areas of operations are based primarily in Canada, where it has interests in the Onion Lake Heavy Oil Project in Saskatchewan, the Blackrod Steam-Assisted Gravity Drainage (SAGD) project, the Mooney Heavy Oil project, and the Jake Lake Heavy Oil project in Alberta. In the US, BlackPearl possesses interest in the Sam Miguel Heavy Oil Project in the Maverick Basin in South Texas. The company also has several other interests in the US, although its properties in the country are immaterial to the companys current operations. The companys production portfolio consists of production from conventional and Enhanced Oil Recovery (EOR) projects. It is also developing oil projects that will utilize SAGD methods of extraction. BlackPearls headquarters are located in Calgary, Alberta, Canada.

Scope

Key Highlights: This section provides detailed analysis on the companys overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, Capex funding, geographical results of oil and gas operations.
Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
SWOT: The reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
Production and Development Overview: This section highlights the companys crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the companys producing and development assets.
Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities.
M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys status as a buyer or seller during the analyzed period.
Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
Peer Group Analysis: This section compares the companys performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
Financial and Operational Metrics: This section covers the companys historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy


The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to - 
Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

Table of Content


1 Table of Contents 6

1.1 List of Tables 10

1.2 List of Figures 13

 

2 BlackPearl Resources, Company Overview 16


3 BlackPearl Resources, Key Highlights 20

3.1 Continued Development of Core Areas Drives Growth 20

3.1.1 Onion Lake 22

3.1.2 Blackrod Steam-Assisted Gravity Drainage Project 26

3.1.3 Mooney Area 31

3.2 Incremental Growth in Reserves and Production 33

 

4 BlackPearl Resources, SWOT Analysis 35

4.1 Strengths 35

4.1.1 Steady Growth in Revenue 35

4.1.2 Growth in Reserves through Organic Reserve Additions 36

4.2 Weakness 37

4.2.1 High Dependence on Heavy Oil in Production Mix 37

4.2.2 High-Risk Oil Recovery Processes 37

4.2.3 High Dependence on Third-Party Service Providers 38

4.3 Opportunities 38

4.3.1 Leveraging Ongoing Heavy Oil and Bitumen Development Projects 38

4.4 Threat 39

4.4.1 Projects in Early Stages of Development 39

4.4.2 Intense Competition from Industry Rivals 39

4.4.3 Commodity Price Volatility 39

 

5 BlackPearl Resources, Exploration, Development and Production Overview 40

5.1 Onion Lake 47

5.1.1 Exploration and Development 47

5.1.2 Production 51

5.2 Blackrod Steam-Assisted Gravity Drainage Project 51

5.2.1 Exploration and Production 51

5.2.2 Production 53

5.3 Mooney 56

5.3.1 Exploration and Production 56

5.3.2 Production 58

5.4 John Lake Heavy Oil Project 59

5.4.1 Exploration and Production 59

5.4.2 Production 59

 

6 BlackPearl Resources, Capital Expenditure 60


7 BlackPearl Resources, Forecast Production and Financial Statements 63

7.1 Income Statement, 2011-2018 64

7.2 Balance Sheet, 2011-2018 65

7.3 Cash Flow Statement, 2011-2018 66

 

8 BlackPearl Resources, Valuation 67

8.1 Discounted Cash Flow Methodology 67

 

9 BlackPearl Resources, Peer Comparison 69

9.1 Share Price Performance 69

9.2 Operational and Financial Performance 70

9.3 Key Financial and Operational Ratio 76

 

10 BlackPearl Resources Inc., Production and Reserves Trends 79

10.1 Total Oil and Gas, Reserves and Production 79

10.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 79

10.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 81

10.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 82

10.2 Crude Oil/Liquids Production and Reserve 83

10.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013 83

10.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013 84

10.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013 85

10.3 Natural Gas Production and Reserve 86

10.3.1 Natural Gas Production and Reserve Trend, 2009-2013 86

10.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013 87

10.3.3 Natural Gas Reserve Changes, 2009-2013 88

10.4 Total Crude Oil and Natural Gas Reserves Life Index 89

10.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 89

10.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 90

 

11 BlackPearl Resources Inc., E&P Costs Trends 91

11.1 Allocation of the Upstream Capital Expenditure 91

11.1.1 Upstream Capital Expenditure, 2009-2013 91

11.1.2 Acquisition Costs By Country/Region, 2009-2013 92

11.1.3 Exploration and Development Costs, By Country/Region, 2009-2013 94

11.2 Oil and Gas Cost Per boe, US$/boe 96

11.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013 96

11.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 98

 

12 BlackPearl Resources Inc., Reserve Replacement Ratio 99

12.1 Oil and Gas Production Replacement Ratio 99

12.1.1 Oil and Gas Production Replacement Ratio, 2009-2013 99

12.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 101

 

13 BlackPearl Resources Inc., Results of Oil & Gas Operations Trend 102

13.1 Oil and Gas Revenue and Expenses 102

13.1.1 Oil and Gas Revenue and Expenses, 2009-2013 102

13.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 104

13.2 Oil and Gas Revenue and Expenses, Per boe 106

13.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013 106

13.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 107

13.3 Oil and Gas Performance Metrics 108

 

14 BlackPearl Resources Inc., Land Holdings and Well Data 109

14.1 Developed and Undeveloped Acreage 109

14.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013 109

14.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013 110

14.2 Well Statistics 115

14.2.1 Producible Oil and Gas Well, 2009-2013 115

14.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013 116

14.2.3 Exploration and Development Wells Drilled, 2009-2013 124

14.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013 126

 

15 Appendix 127

15.1 Abbreviations 127

15.2 Sources 129

15.3 Research Methodology 130

15.3.1 Coverage 130

15.3.2 Secondary Research 131

15.3.3 Primary Research 131

15.4 Disclaimer 131


 

Table 1: BlackPearl Resources, Total Proved and Probable Reserves, 2013 17
Table 2: BlackPearl Resources, Financial and Operational Overview, 2010-2013 18
Table 3: BlackPearl Resources, Total Net Acreage (Acres), 2013 20
Table 4: BlackPearl Resources, Onion Lake-Conventional Development, Key Metrics, 2014 22
Table 5: BlackPearl Resources, Onion Lake: Thermal EOR Development, Key Metrics, 2014 24
Table 6: BlackPearl Resources, Blackrod SAGD Oil Sands Project, Key Metrics, 2014 26
Table 7: BlackPearl Resources, Mooney Area, Key Metrics, 2014 31
Table 8: BlackPearl Resources, Reserves and Resources (mmboe), 2013 42
Table 9: BlackPearl Resources, Total Oil and Gas Production (mmboe), 2011-2018 45
Table 10: BlackPearl Resources, Onion Lake, 2014 47
Table 11: BlackPearl Resources, Blackrod, 2014 51
Table 12: BlackPearl Resources, Mooney Operational Overview, 2014 56
Table 13: BlackPearl Resources, John Lake Operational Overview, 2013 59
Table 14: BlackPearl Resources, Total Oil and Gas Production, 2011-2018 63
Table 15: GlobalData, Price Forecasts, 2014-2018 63
Table 16: BlackPearl Resources, Income Statement (CAD mil), 2011-2018 64
Table 17: BlackPearl Resources, Balance Sheet (CAD mil), 2011-2018 65
Table 18: BlackPearl Resources, Cash Flow Statement (CAD mil), 2011-2018 66
Table 19: BlackPearl Resources, Free Cash Flow Calculation (CAD mil), 2014-2018 67
Table 20: BlackPearl Resources, Discounted Cash Flow Calculation, 2013 68
Table 21: BlackPearl Resources and Peer Group, Operational and Financial Performance Comparison, 2013 70
Table 22: BlackPearl Resources, Peer Group Comparison, Total Reserves and Production (mmboe), 2013 74
Table 23: BlackPearl Resources and Peer Group, Financial and Operational Ratios, 2013 76
Table 24: BlackPearl Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 80
Table 25: BlackPearl Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 81
Table 26: BlackPearl Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 82
Table 27: BlackPearl Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 83
Table 28: BlackPearl Resources Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 84
Table 29: BlackPearl Resources Inc., Crude Oil Reserve Changes, mmbbl, 2009-2013 85
Table 30: BlackPearl Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 86
Table 31: BlackPearl Resources Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 87
Table 32: BlackPearl Resources Inc., Natural Gas Reserve Changes, bcf, 2009-2013 88
Table 33: BlackPearl Resources Inc., Oil and Gas Reserves Life Index, Years, 2009-2013 89
Table 34: BlackPearl Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 90
Table 35: BlackPearl Resources Inc., Upstream Capital Expenditure, US$ mil, 2009-2013 91
Table 36: BlackPearl Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 93
Table 37: BlackPearl Resources Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 95
Table 38: BlackPearl Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 97
Table 39: BlackPearl Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 98
Table 40: BlackPearl Resources Inc., Oil and Gas Production Replacement Ratio, %, 2009-2013 100
Table 41: BlackPearl Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 101
Table 42: BlackPearl Resources Inc., Revenue and Expenses, US$ mil, 2009-2013 103
Table 43: BlackPearl Resources Inc., Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 105
Table 44: BlackPearl Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 106
Table 45: BlackPearl Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 107
Table 46: BlackPearl Resources Inc., Oil and Gas Performance Metrics, 2009-2013 108
Table 47: BlackPearl Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 109
Table 48: BlackPearl Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013 114
Table 49: BlackPearl Resources Inc., Producible Oil and Gas Wells, 2009-2013 115
Table 50: BlackPearl Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2009-2013 123
Table 51: BlackPearl Resources Inc., Exploratory and Developed Wells, 2009-2013 125
Table 52: BlackPearl Resources Inc., Exploratory and Developed Wells, By Country/Region, 2009-2013 126
Table 53: Conversion: CAD to US$, September 2013-October 2014 128

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