Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 BlackPearl Resources Inc., Valuation and Financial Data 8 BlackPearl Resources Inc., Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 BlackPearl Resources Inc., Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 BlackPearl Resources Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11 BlackPearl Resources Inc., Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 BlackPearl Resources Inc., Quarterly Production Trends 13 BlackPearl Resources Inc., Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 BlackPearl Resources Inc., Crude Oil Production 14 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 14 BlackPearl Resources Inc., Natural Gas Production 15 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 15 BlackPearl Resources Inc., Valuation and Financial Data, 2011-2015 16 BlackPearl Resources Inc., Share Price Performance, 2011-2015 16 Share Price Performance, 2011-2015 16 Key Valuation Metrics, 2011-2015 17 BlackPearl Resources Inc., Production and Reserves Trends 18 Total Oil and Gas, Reserves and Production 18 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 18 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 20 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 22 Crude Oil/Liquids Production and Reserve 23 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 23 Crude Oil Production and Reserves By Country/Region, 2011-2015 24 Crude Oil/Liquids Reserve Changes, 2011-2015 26 Natural Gas Production and Reserve 27 Natural Gas Production and Reserve Trend, 2011-2015 27 Natural Gas Production and Reserves, By Country/Region, 2011-2015 28 Natural Gas Reserve Changes, 2011-2015 30 Total Crude Oil and Natural Gas Reserves Life Index 31 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 31 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 32 BlackPearl Resources Inc., E&P Costs Trends 34 Allocation of the Upstream Capital Expenditure 34 Upstream Capital Expenditure, 2011-2015 34 Acquisition Costs By Country/Region, 2011-2015 35 Exploration and Development Costs, By Country/Region, 2011-2015 37 Oil and Gas Cost Per boe, US$/boe 39 Oil and Gas Cost Per boe, US$/boe, 2011-2015 39 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 41 BlackPearl Resources Inc., Reserve Replacement Ratio 43 Oil and Gas Production Replacement Ratio 43 Oil and Gas Production Replacement Ratio, 2011-2015 43 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 45 BlackPearl Resources Inc., Results of Oil & Gas Operations Trend 49 Oil and Gas Revenue and Expenses 49 Oil and Gas Revenue and Expenses, 2011-2015 49 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 50 Oil and Gas Revenue and Expenses, Per boe 55 Oil and Gas Revenue and Expenses, By boe, 2011-2015 55 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 56 Oil and Gas Performance Metrics 60 BlackPearl Resources Inc., Land Holdings and Well Data 61 Developed and Undeveloped Acreage 61 Gross and Net Developed and Undeveloped Acreage, 2011-2015 61 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 62 Well Statistics 65 Producible Oil and Gas Well, 2011-2015 65 Producible Oil and Gas Well, By Country/Region, 2011-2015 66 Exploration and Development Wells Drilled, 2011-2015 70 Recent Developments 71 BlackPearl Resources Inc. - Recent Developments 71 Sep 16, 2016: BlackPearl Resources Looks For Partner To Develop Blackrod Oil Sands Project 71 Sep 16, 2016: Blackrod SAGD Project Receives Regulatory Approval 71 Sep 15, 2016: Alberta approves three new oil sands development projects 71 Aug 09, 2016: BlackPearl Announces Second Quarter 2016 Financial And Operating Results 72 Jul 12, 2016: BlackPearl Renews Bank Credit Facilities And Provides An Operations Update 75 May 04, 2016: Blackpearl Announces First Quarter 2016 Financial And Operating Results 76 Feb 25, 2016: BlackPearl Announces Fourth Quarter And Full Year 2015 Financial And Operating Results And Year-End Reserves And Resources 78 Dec 07, 2015: BlackPearl Renews Its $150 Million Credit Facilities And Provides Initial 2016 Guidance 81 Nov 10, 2015: BlackPearl Announces Third Quarter 2015 Financial And Operating Results 82 Aug 04, 2015: Blackpearl Announces Second Quarter 2015 Financial And Operating Results 85 Appendix 88 Methodology 88 Coverage 88 Secondary Research 88 Primary Research 88 Data Information Sources 89 Company Source 89 SEC/Other Regulatory Filings 89 Other Sources 89 Expert Panel Validation 89 Data Definition 89 Oil and Gas Reserves 89 Units of Measure 90 About GlobalData 90 Disclosure 90 Disclaimer 90

List of Tables Table 1: BlackPearl Resources Inc., Key Facts 7 Table 2: BlackPearl Resources Inc., Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: BlackPearl Resources Inc., Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: BlackPearl Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: BlackPearl Resources Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: BlackPearl Resources Inc., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: BlackPearl Resources Inc., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: BlackPearl Resources Inc., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 14 Table 9: BlackPearl Resources Inc., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 15 Table 10: BlackPearl Resources Inc., Share Price Performance, 2011-2015 16 Table 11: BlackPearl Resources Inc., Key Valuation Metrics, 2011-2015 17 Table 12: BlackPearl Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 19 Table 13: BlackPearl Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 21 Table 14: BlackPearl Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 22 Table 15: BlackPearl Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 23 Table 16: BlackPearl Resources Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 25 Table 17: BlackPearl Resources Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 26 Table 18: BlackPearl Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Table 19: BlackPearl Resources Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 29 Table 20: BlackPearl Resources Inc., Natural Gas Reserve Changes, bcf, 2011-2015 30 Table 21: BlackPearl Resources Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 31 Table 22: BlackPearl Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 33 Table 23: BlackPearl Resources Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 34 Table 24: BlackPearl Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 36 Table 25: BlackPearl Resources Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 38 Table 26: BlackPearl Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 40 Table 27: BlackPearl Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 42 Table 28: BlackPearl Resources Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 44 Table 29: BlackPearl Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 48 Table 30: BlackPearl Resources Inc., Revenue and Expenses, US$ mil, 2011-2015 49 Table 31: BlackPearl Resources Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 54 Table 32: BlackPearl Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55 Table 33: BlackPearl Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 59 Table 34: BlackPearl Resources Inc., Oil and Gas Performance Metrics, 2011-2015 60 Table 35: BlackPearl Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 61 Table 36: BlackPearl Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 64 Table 37: BlackPearl Resources Inc., Producible Oil and Gas Wells, 2011-2015 65 Table 38: BlackPearl Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 69 Table 39: BlackPearl Resources Inc., Exploratory and Developed Wells, 2011-2015 70 List of Figures Figure 1: BlackPearl Resources Inc., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: BlackPearl Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: BlackPearl Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: BlackPearl Resources Inc., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12 Figure 5: BlackPearl Resources Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13 Figure 6: BlackPearl Resources Inc., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 14 Figure 7: BlackPearl Resources Inc., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 15 Figure 8: BlackPearl Resources Inc., Share Price Performance, CAD/Share, 2011-2015 16 Figure 9: BlackPearl Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 17 Figure 10: BlackPearl Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 18 Figure 11: BlackPearl Resources Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 20 Figure 12: BlackPearl Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 20 Figure 13: BlackPearl Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 22 Figure 14: BlackPearl Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 23 Figure 15: BlackPearl Resources Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 24 Figure 16: BlackPearl Resources Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 24 Figure 17: BlackPearl Resources Inc., Crude Oil Reserve Changes, mmbbl, 2015 26 Figure 18: BlackPearl Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Figure 19: BlackPearl Resources Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 28 Figure 20: BlackPearl Resources Inc., Gas Production, By Country/Region, bcf, 2011-2015 28 Figure 21: BlackPearl Resources Inc., Natural Gas Reserve Changes, bcf, 2015 30 Figure 22: BlackPearl Resources Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 31 Figure 23: BlackPearl Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 32 Figure 24: BlackPearl Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 32 Figure 25: BlackPearl Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 33 Figure 26: BlackPearl Resources Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 34 Figure 27: BlackPearl Resources Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 35 Figure 28: BlackPearl Resources Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 35 Figure 29: BlackPearl Resources Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 37 Figure 30: BlackPearl Resources Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 37 Figure 31: BlackPearl Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 39 Figure 32: BlackPearl Resources Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 41 Figure 33: BlackPearl Resources Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 41 Figure 34: BlackPearl Resources Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42 Figure 35: BlackPearl Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 43 Figure 36: BlackPearl Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 45 Figure 37: BlackPearl Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 45 Figure 38: BlackPearl Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 46 Figure 39: BlackPearl Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 46 Figure 40: BlackPearl Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 47 Figure 41: BlackPearl Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 47 Figure 42: BlackPearl Resources Inc., Revenue and Expenses, US$ mil, 2011-2015 49 Figure 43: BlackPearl Resources Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50 Figure 44: BlackPearl Resources Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50 Figure 45: BlackPearl Resources Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51 Figure 46: BlackPearl Resources Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 51 Figure 47: BlackPearl Resources Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52 Figure 48: BlackPearl Resources Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 52 Figure 49: BlackPearl Resources Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53 Figure 50: BlackPearl Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55 Figure 51: BlackPearl Resources Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 52: BlackPearl Resources Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 53: BlackPearl Resources Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 54: BlackPearl Resources Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 55: BlackPearl Resources Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 58 Figure 56: BlackPearl Resources Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 58 Figure 57: BlackPearl Resources Inc., Oil and Gas Performance Metrics, 2011-2015 60 Figure 58: BlackPearl Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 61 Figure 59: BlackPearl Resources Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 62 Figure 60: BlackPearl Resources Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 62 Figure 61: BlackPearl Resources Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 63 Figure 62: BlackPearl Resources Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 63 Figure 63: BlackPearl Resources Inc., Producible Oil and Gas Wells, 2011-2015 65 Figure 64: BlackPearl Resources Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 66 Figure 65: BlackPearl Resources Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 66 Figure 66: BlackPearl Resources Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 67 Figure 67: BlackPearl Resources Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 67 Figure 68: BlackPearl Resources Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 68 Figure 69: BlackPearl Resources Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 68 Figure 70: BlackPearl Resources Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 69 Figure 71: BlackPearl Resources Inc., Exploratory and Developed Wells, 2011-2015 70