Unlocking the Value of Heavy Oil
North American Oil and Gas - Alberta, Saskatchewan, Texas & California.
Pearl Exploration and Production Ltd., Calgary, AB TSX : PXX, OMX : PXXS. The Company's focus is North American oil and gas interests, in particular, Alberta, Saskatchewan, Texas and California.
As the western world’s energy producers seek new sources of oil, Pearl Exploration is positioned with a vast heavy oil resource assembled over the past two years.
Unlocking the Value of Heavy Oil
195 million barrels of proved plus probable plus possible reserves.
319 million barrels of identified contingent resources.
Pearl is a heavy oil resource company building value by converting large scale heavy oil resources into reserves.
To become the leading heavy oil company in North America.
Acquire large heavy oil resources and focus on converting those resources to reserves through implementation of pilot programs including: water flood, steam flood, polymer flood, and Steam-Assisted Gravity Drainage (SAGD).
Making Progress on all Fronts
Year to date cash flow estimated at $68 million
Estimated average well head price through Q3 of $72/Boe
Sold significant portion of Non-Core assets for $75 MM in Q2
Put our Balance Sheet in position to weather current economic turmoil
Strong working capital position
No debt and estimated $37 MM working capital position at end of Q3
Pilot projects progressing well on all core projects
Implementation of polymer flood pilot and early development in Mooney
Seeing early positive results from pilot work in Onion Lake
Both pilots operational in San Miguel
Listed on the TSX exchange on September 4th
Currently focused on converting resources to reserves - Core Projects
Mooney – Alberta
Pearl currently has an average working interest of approximately 98% in over 70 sections in the Mooney field which is located in northcentral Alberta. Pearl (current project operator) originally had a 74% working interest in the area through the acquisition of Atlas Energy and subsequently acquired an additional 24% working interest through the July 2007 acquisition of Ravenwood Energy's interest in the project and lands. Mooney is a conventional heavy oil field which produces from the Bluesky sand formation.
Blackrod – Alberta
In July, 2007 Pearl, along with its two joint venture partners, acquired 2,816 contiguous hectares of oil sands leases located in the Athabasca oil sands region of northern Alberta.
Onion Lake – Saskatchewan
Pearl currently holds a varied working interest between 87.5% and 100% in 41 sections of land located in the Onion Lake area in Saskatchewan.
Fiddler Creek – Montana
In November 2007 Pearl acquired heavy oil assets located in Montana and Utah. The assets acquired include a 100% working interest in several large heavy oil resource development projects referred to as Fiddler Creek, Promised Land, West Rozel and Gunnison Wedge. Initially Pearl is focussing on activities at the Fiddler Creek Project.
San Miguel – Texas
Pearl (through its wholly-owned subsidiary, Newmex Energy (USA) Inc.) is a 50% participant in the development of a large, shallow depth, heavy oil deposit located in the Maverick Basin in southern Texas. Under the terms of the Participation Agreement between Pearl and The Exploration Company of Delaware Inc.