BlackPearl Resources Inc. provides the results of its 2012 year-end oil and gas reserves evaluation, contingent resource evaluation and to provide an operations update on the Company's current activities.

Highlights include:

• 496% increase in total proved and probable reserves to 213 million barrels of oil equivalent; • The increase is primarily attributable to the initial recognition of reserves for the first phase of commercial development at Blackrod SAGD project; • Our largest property is the Blackrod SAGD project with 2P reserves of 182 million barrels and best estimate contingent resources of 476 million barrels of oil, with potential production of 80,000 barrels of oil per day; • Our Onion Lake SAGD project has best estimate contingent resources of 67 million barrels of oil, with potential production of 12,000 barrels of oil per day; • A total of 582 million barrels of contingent resources (best estimate) on our 3 core properties; • Over 99% of reserves are heavy oil; • Q4 2012 production of 9,067 boe/day, a 4% increase compared to Q4 2011; full year average production of 9,366 boe/day in 2012, a 23% increase from 2011.

Tags: BlackPearl Resources