BlackPearl Announces Issuance of Shares for $8.2 Million Pursuant to Exercise of Over-Allotment Option

CALGARY, ALBERTA--(Marketwired - April 11, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

BlackPearl Resources Inc. ("BlackPearl" or the "Company") (PXX.TO)(OMX:PXXS) is pleased to announce that it issued today 3,100,000 common shares at a price of $2.65 per share for gross proceeds of $8,215,000 pursuant to the partial exercise of an over-allotment option previously granted to the syndicate of underwriters led by FirstEnergy Capital Corp. The over-allotment option was granted by BlackPearl in connection with its recently completed $70,225,000 bought deal equity offering.

The Company intends to use the net proceeds from the exercise of the over-allotment option to fund ongoing capital expenditures, including the first phase of the Onion Lake thermal project, and for general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act.

Forward-Looking Statements

Certain of the statements made and information contained herein is forward-looking statements and forward looking information (collectively referred to as "forward-looking statements") within the meaning of Canadian securities laws, including the use of proceeds. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", "predict", "targeting", "seek", "intend", "could", "potential" or similar words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

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 in fact be realized. Actual results will differ, and the difference may be material and adverse to the Company and its shareholders.