The company’s Q4 2010 oil and gas sales volumes were 7,308boe per day, which represents a 10% increase over Q3 2010 volumes and a 38% increase over Q4 sales in 2009, and the 2010 year-end exit production was around 8,000 barrels per day.
The increase in production is due to drilling of 22 wells at Onion Lake in the last half of the year attributable to development drilling at Onion Lake in Saskatchewan, Canada.
The production in the first quarter of 2011 will be impacted by the recent sale of the Salt Lake property, conversion of some of the wells at Mooney from producers to polymer injectors and potentially reduced shipments as a result of temporary pipeline restrictions introduced by pipeline operators.
Blackpearl expects to reach production levels of 11,000-13,000 barrels of oil per day by the end of 2011.
The Blackrod SAGD pilot and the Mooney polymer flood project are expected to be constructed in April, 2011.
