CALGARY, ALBERTA--(Marketwire - Aug. 12, 2009) - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX:PXX)(FIRST NORTH:PXXS) is pleased to announce its financial and operating results for the three and six months ended June 30, 2009.

Highlights during the quarter included:

- Stronger oil prices and narrower heavy oil differentials over Q1 positively impacted financial results;

- Revenues of $22.1 million, a 41% increase over Q1;

- Cash flow of $7.9 million;

- Completion of a $46 million equity offering in April;

- Strong balance sheet with $56.8 million in working capital and no debt;

- Continued progress on preparing development plans for the Company's three core areas of Onion Lake, Blackrod and Mooney;

John Festival, President of BlackPearl, commenting on the second quarter results, indicated that, "Higher oil prices and narrower differentials resulted in improved financial results for the second quarter compared to the first three months of the year. We also made good progress with our cost reduction initiatives with both operating costs and general and administrative costs lowered from first quarter amounts. Activity levels were low during the quarter, as we elected to conserve cash; however, as a result of the improvement in oil prices and our recent equity offering, BlackPearl is in a strong financial position. We intend to advance the development of each of our core area projects. We have increased our capital budget and are planning to spend $85-90 million over the next 18-24 months. Initially we will drill primary vertical wells at Onion Lake, along with development of the SAGD pilot project at Blackrod, and implement phase one of the polymer flood at Mooney. In addition, we will continue to evaluate thermal recovery options at Onion Lake. These projects are not expected to have an immediate impact on short-term production growth but they will lay the foundation for growth over the next three to five years."

Financial and Operating Highlights

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                        Three months ended June 30  Six months ended June 30
                              2009            2008        2009          2008
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Daily production /
 sales volumes (1)
 Oil (bbl/d)                 4,167           6,679       4,294         7,695
 Natural gas (mcf/d)         6,017           9,402       6,271        10,080
 Combined (Boe/d)            5,170           8,246       5,339         9,375


Product pricing ($)
 Crude oil - per bbl         53.33           84.65       42.40         72.55
 Natural gas - per mcf        3.51            9.80        4.32          8.73
 Combined - per Boe          47.07           79.74       39.22         68.97


($000's, except per
share and Boe amounts)
Revenue
Oil and gas revenue -
 gross                      22,143          59,839      37,898       117,669


Royalties ($/Boe)            10.74           19.93        8.20         16.93
Transportation costs
 ($/Boe)                      1.46            1.34        2.06          1.29
Operating costs
 ($/Boe)                     12.48           15.26       16.60         17.78


Net income (loss) for
 the period                (10,889)          6,688     (31,405)        2,898
 Per share, basic and
  diluted                    (0.05)           0.04       (0.14)         0.02


Cash flow from
 operating activities,
 before working capital
 adjustments                 7,910          28,023       6,106        47,475


Capital expenditures           932          17,605       4,079        35,117


Working Capital, end
 of period                  56,794          57,371      56,794        57,371
Long term debt                   -           5,000           -         5,000


Shares outstanding,
 end of period         261,684,050     189,241,716 261,684,050   189,241,716