ALBERTA--(Marketwire - March 29, 2010) - BlackPearl Resources Inc. ("BlackPearl" or the "Company")
(TSX:PXX)(FIRST NORTH:PXXS) is pleased to announce that it has elected to
exercise its right of first refusal and acquire the remaining 20% working interest
in the Company's Blackrod SAGD project for $21 million. The acquisition will be
funded from working capital.
the closing of the acquisition, BlackPearl will own 100% of the project and
intends to commence construction of a SAGD pilot at Blackrod later this year.
Company's previously announced capital program will be unaffected by the
Certain of the statements made
and information contained herein is forward-looking statements and forward looking
information (collectively referred to as "forward-looking statements") within
the meaning of Canadian securities laws. All
statements other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always, identified by
the use of words such as "anticipate", "believe",
"plan", "continuous", "estimate",
"expect", "may", "will", "project",
"should", "predict", "targeting", "seek", "intend", "could",
"potential" or similar words. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
The Company believes the expectations reflected in those forward-looking
statements are reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should not be
unduly relied upon.
Undue reliance should not be
placed on forward-looking statements, which are inherently uncertain, are based
on estimates and assumptions, and are subject to known and unknown risks and
uncertainties (both general and specific) that contribute to the possibility
that the future events or circumstances contemplated by the forward-looking
statements will not occur. There can be no assurance that the plans, intentions
or expectations upon which forward-looking statements are based will in fact be
realized. Actual results will differ, and the difference may be material and
adverse to the Corporation and its shareholders.
Certified Advisor on First North is E. Ohman J:or Fondkommission AB.
Registration Number: 409596-1