BlackPearl Resources has provided the results of its 2009 year-end oil and gas reserves evaluation and to provide an update of the Company's current oil and gas production.

Highlights include:

Total proved reserves were 11.6 MMboe, an increase of 10%; proved plus probable (2P) reserves of 23.6 MMboe; Net present value of 2P reserves (discounted at 10% before tax) increased 19%, to $437 million; Proved plus probable reserve life index of 12.2 years based on Q4 2009 production; Recent drilling at Onion Lake resulted in current company production of 6,400 boe per day, a 26% increase from Q3 production.

John Festival, President of BlackPearl, commenting on the new reserves evaluation indicated that, "The 2009 reserves are in-line with our expectations. Overall proved plus probable reserves are down slightly due to reserves that were produced in 2009; however, we were able to convert a significant amount of probable reserves to proved reserves as a result of our 2009 activities. While current reserves are important, we are working on some larger, longer term projects that will require additional development before reserves are recognized. This includes our SAGD projects at Blackrod and Onion Lake, where no reserves from thermal recovery have been booked."

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