BlackPearl Resources Inc. is pleased to announce the renewal of its credit facilities and provide initial 2016 guidance for the Company.

Highlights include:

Our credit facilities were renewed, with the borrowing base maintained at $150 million;
The 2016 capital budget was set at $15 million, reflecting the current low oil price environment. Excess cash flow will be used to repay debt. Current debt of $92 million is expected to be reduced to $70-$75 million during 2016;
Despite the challenging price environment and limited capital investment, average daily oil production is expected to increase over 25% in 2016 compared to 2015.

Renewal of Credit Facilities

BlackPearl's lenders completed their semi-annual review of our credit facilities and have agreed to maintain the borrowing amount available to the Company at $150 million. The facilities will consist of a $140 million syndicated revolving line of credit and a non-syndicated operating line of credit of $10 million.

Tags: BlackPearl Resources