CALGARY, ALBERTA -- (Marketwire) -- 06/04/12 -- BlackPearl Resources Inc. (TSX:PXX)(FIRST NORTH: PXXS) ("BlackPearl" or the "Company") is pleased to announce that it has filed an 80,000 barrel per day commercial development application with the Energy Resources Conservation Board (ERCB) and Alberta Environment for its Blackrod Steam Assisted Gravity Drainage (SAGD) Project in northern Alberta. The first phase of this project is planned for 20,000 barrels of oil per day. The filing of the commercial application is the culmination of three years of delineation drilling, source water testing, cap rock integrity testing and a successful SAGD pilot operation that has reached commercial production rates after 10 months of testing. The commercial application included extensive public consultation and numerous environmental studies, including baseline testing for air, sound, water and surface disturbance and a pro-active program to monitor and mitigate environmental impacts.

The project application is available for viewing on our website, www.blackpearlresources.ca, or on the ERCB website.

Sproule Unconventional Limited (Sproule), an independent reserves evaluator, has completed an update to the proved plus probable reserves and contingent resource assessment for the Blackrod project. Based on, among other items, the delineation drilling completed this winter, performance of the pilot and the filing of the commercial development application, Sproule has assigned 182 million barrels of proved plus probable reserves to the first phase of the commercial project. In addition, Sproule has ascribed a best estimate contingent resource to the remainder of the project of 476 million barrels.

John Festival, President & CEO of BlackPearl, commented that "Blackrod is obviously a very significant project for the company. The combination of reserve and resource value attributed to the property alone is nearly $10 per share We have operated a successful pilot for almost a year and with the positive results achieved, as well as all of the additional technical information gathered over the last three years, we are ready to move to the first phase of commercial development of the property. We expect that resources will continue to be converted into reserves as we move future phases into commercial development."

The following tables summarize Sproule's estimate of the Company's reserves and best estimate contingent resource from the Blackrod project.

Summary of Oil and Gas Reserves - Blackrod Project

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                                     Net Present Values of Before Tax Future
                                                   Net Revenue
                             Bitumen            as of May 31, 2012
                            Reserves              Discounted at
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                                          0%      5%      8%     10%     12%
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                              (MMbbl)               ($million)
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Proved                           1.7      13      11       9       8       8
Probable                       180.1   4,397   1,740   1,035     735     519
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Total proved plus probable     181.8   4,410   1,751   1,044     743     527
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Notes:

(1) The pricing assumptions were provided by Sproule Unconventional Limited
(2) None of the Company's future production is subject to a fixed or
    contractually committed price.

Definitions:

(a) "Proved" reserves are those reserves that can be estimated with a high
    degree of certainty to be recoverable. It is likely that the actual
    remaining quantities recovered will exceed the estimated proved
    reserves.
(b) "Probable" reserves are those additional reserves that are less certain
    to be recovered than proved reserves. It is equally likely that the
    actual remaining quantities recovered will be greater or less than the
    sum of the estimated proved plus probable reserves.
(c) The Net Present Value (NPV) is based on Sproule Forecast Pricing and
    costs. The estimated NPV does not necessarily represent the fair market
    value of the Blackrod reserves. There is no assurance that forecast
    prices and costs assumed in the Sproule evaluations will be attained,
    and variances could be material.


Summary of Best Estimate (P50) Contingent Resources - Blackrod Project(1)(2)

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                             Gross(3)      Net Present Values of Before Tax
                               Heavy             Future Net Revenue
                                 Oil/            as of May 31, 2012
                             Bitumen                Discounted at
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                                          0%      5%      8%     10%     12%
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                              (MMbbl)               ($million)
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Best Estimate Contingent         476  10,393   3,990   2,323   1,632   1,147
 Resources

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Notes:

(1) Contingent Resources are defined in the COGE Handbook as those
    quantities of petroleum estimated, as of a given date, to be potentially
    recoverable from known accumulations using established technology or
    technology under development, but are not currently considered to be
    commercially recoverable due to one or more contingencies. Contingencies
    may include factors such as economic, legal, environmental, political
    and regulatory matters or a lack of markets. It is also appropriate to
    classify as Contingent Resources the estimated discovered recoverable
    quantities associated with a project in the early evaluation stage.
(2) Best estimate (P50) is a classification of estimated resources described
    in the COGE Handbook as being considered to be the best estimate of the
    quantity that will be actually recovered. It is equally likely that the
    actual remaining quantities recovered will be greater or less than the
    best estimate. If probabilistic methods are used, there should be at
    least a 50% probability that the quantities actually recovered will
    equal or exceed the best estimate.
(3) "Gross" means the Company's working interest share in the contingent
    resources of bitumen and heavy oil before deducting royalties. The
    Company has a 100% working interest at Blackrod.
(4) The amounts included in the contingent resource table do not include the
    volume and value of BlackPearl's proved and probable reserves assigned
    by Sproule to the Blackrod property.


The pricing assumptions that were used in the Sproule evaluation are
summarized below.

                                 Western
                                Canadian
               WTI   Edmonton     Select
           Cushing  Par Price       20.5      Alberta
        40 degrees 40 degrees    degrees       AECO-C  Inflation   Exchange
Year           API        API        API         Spot       rate       rate
---------------------------------------------------------------------------
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          (US$/bbl) (CDN$/bbl) (CDN$/bbl) (CDN$/MMBtu)     (%/yr) (US$/Cdn$)
---------------------------------------------------------------------------
2012        105.24      94.68      79.53         2.11        2.0      1.005
2013        104.66     104.10      87.44         3.05        2.0      1.005
2014        100.12      99.59      83.65         3.52        2.0      1.005
2015         97.40      96.88      81.38         5.02        2.0      1.005
2016         99.37      98.84      83.02         5.74        2.0      1.005
2017        101.35     100.82      84.69         5.86        2.0      1.005
2018        103.38     102.83      86.38         5.98        2.0      1.005
2019        105.45     104.89      88.11         6.10        2.0      1.005
2020        107.56     106.99      89.87         6.23        2.0      1.005
2021        109.71     109.13      91.67         6.36        2.0      1.005
2022        111.90     111.31      93.50         6.50        2.0      1.005
                     Escalation rate of 2.0% thereafter

Forward-Looking Statements

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", "scheduled", "should", "outlook" or similar words suggesting future outcomes. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to commercial production rates from the SAGD pilot, the Company's oil and gas reserves and contingent resource for the Blackrod project, as well as the estimated future net revenue amounts associated with these reserves and resources.

In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future.

The forward-looking statements in this news release reflect certain assumptions and expectations by management. The key assumptions that have been made in connection with these forward-looking statements include the continuation of current or, where applicable, assumed industry conditions, the continuation of existing tax, royalty and regulatory regimes, commodity price and cost assumptions, the continued availability of cash flow or financing on acceptable terms to fund the Company's capital programs, the accuracy of the estimate of the Company's reserves and resource volumes and that BlackPearl will conduct its operations in a manner consistent with past operations. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those contained in forward-looking statements. These factors include, but are not limited to, risks associated with fluctuations in market prices for crude oil, natural gas and diluent; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations from time to time; the need to obtain regulatory approvals on projects before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as fire, explosion, blowouts, mechanical or pipe failure, cratering, oil spills, vandalism and other dangerous conditions; potential cost overruns; variations in foreign exchange rates; diluent supply shortages; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; uncertainties inherent in the SAGD bitumen and Alkali Surfactant Polymer recovery processes; credit risks associated with counterparties; the failure of the Company or the holder of licenses, leases and permits to meet requirements of such licenses, leases and permits; reliance on third parties for pipelines and other infrastructure; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management; effectiveness of internal controls; the potential lack of available drilling equipment and other restrictions; failure to obtain or keep key personnel; title deficiencies with the Company's assets; geo-political risks; risks that the Company does not have adequate insurance coverage; risk of litigation and risks arising from future acquisition activities. Further information regarding these risk factors and others may be found under "Risk Factors" in the Annual Information Form.

Undue reliance should not be placed on these forward-looking statements. Readers are cautioned that the actual results achieved will vary from the information provided herein and the variations could be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive. Consequently, there is no assurance by the Company that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained in this news release are made as of the date hereof, and the Company does not undertake any obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

BlackPearl's Certified Advisor on First North is Pareto Ohman AB.

Company Registration Number: 409596-1