CALGARY, ALBERTA--(Marketwire - June 1, 2011) - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX:PXX)(FIRST NORTH:PXXS) is pleased to advise that it has begun the process of re-starting oil production at its Mooney field, which was shut-down as a result of forest fires in the Slave Lake area in northern Alberta.
The Mooney field was producing approximately 700 barrels of oil per day at the time we were forced to shut-down operations. It is anticipated that it will take one to two weeks to re-start production from all the wells at Mooney.
We are pleased to advise that none of our facilities were damaged due to the Slave Lake forest fires. We will re-commence construction of the polymer facilities next week, and construction is expected to be completed near the end of June. Polymer injection will begin shortly thereafter.
This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. In particular, this document contains forward-looking statements pertaining to the timing to re-establish Mooney oil production and the timing of the completion of the polymer flood facilities.
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 be realized. Actual results will differ, and the differences may be material and adverse to the Company and its shareholders.
BlackPearl's Certified Advisor on First North is E. Öhman J:or Fondkommission AB.
Company Registration Number: 409596-1