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Overview
Unlocking the value of heavy oil is what Pearl is all about -- since the day of inception. Heavy oil will be playing an ever-increasing role in world oil consumption as new sources of light crude become more and more elusive. Global energy demand will persistently push the limits of available supply. Diminishing availability of conventional oil and high prices will drive improved technology, refining capacity and infrastructure to recover and process heavy oil.
Recognizing this as a largely overlooked opportunity, Pearl has been on a mission to accumulate heavy oil assets and has built a portfolio of quality projects. The emphasis is on large resource upside potential while achieving a balance of low-risk development. The focus is in North America where much of the world's quality heavy oil resources lie and offer the most value due to proximity to markets. The untapped potential in North America is huge and Pearl is positioning itself to take full advantage.
Heavy Oil Properties At-A-Glance
|
| Property |
Year-end 2007
Exit Production
(boe/d) |
P+P
Reserves
(MMboe) |
Possible
Reserves
(MMboe) |
Undeveloped
Land
(000 net ha) |
2007(1)
Capital
($MM) |
2008
Capital
($MM) |
|
| Canadian |
| Mooney |
2,800 |
15.1 |
3.6 |
19,040 |
$ 87.1 |
$ 19-22 |
| Onion Lake |
2,500 |
12.8 |
3.6 |
3,737 |
$ 38.7 |
$ 10-12 |
| Blackrod |
- |
- |
107.0 |
1,344 |
$ 5.5 |
$ 6.5-7.5 |
|
| United States |
| San Miguel |
- |
3.9 |
10.8 |
17,593 |
$ 6.6 |
$ 13-15 |
| Fiddler Creek |
- |
3.4 |
14.1 |
17,767 |
$ 20.8 |
$ 2-3 |
|
Other core and
non-core properties |
6,800 |
16.1 |
4.5 |
118,018 |
$ 133.4 |
$ 1.5-10.5 |
|
| Total |
12,100 |
51.3 |
143.6 |
177,500 |
$ 292.1 |
$ 61.0 |
|
(1) Calendar 2007, including both cash and non-cash acquisition costs.
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