1. Peter’s & Co. Oil and Gas Conference – SEPTEMBER 2005 A Platform for Growth

2. Overview  TSX symbol: BVI  Average daily trading volume (2005): 346,000  Market capitalization: $950 million  Shares outstanding:  Basic – 94.9 million  Fully diluted – 101.1 million  Management / Directors  Basic – 16%  Fully diluted – 20%

3. Strategy  Focus on Canadian Oilsands  Growth through the drillbit  Maintain a healthy balance sheet

4. History of Growth – Production 0001020304 0001020304 12.4 21.1 18.7 20.4 26.1 1,828 3,126 3,414 4,080 5,795 Production (bbl/day) Production per Share (bbl/1,000 shares) Average growth rate of 26%/year Average growth rate of 16%/year

5. History of Growth – Cash Flow 0001020304 0001020304 0.10 0.18 0.19 0.32 5.2 5.6 12.3 14.1 25.6 Cash Flow ($ millions) Cash Flow per Share ($/share) Average growth rate of 38%/year Average growth rate of 26%/year

6. History of Growth – Share Price 0001020304 0.93 0.99 2.36 4.15 7.35 Average increase of 53%/year share price

7. $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 Finding and Development Costs (Proved + Probable) BVIIndustry*BVIIndustry* $4.03 $17.25 $4.65 $11.06 1 year 3 year Top Quartile Performance *Source: First Energy Capital Corp. Study for 2004

8. Recycle Ratio *Source: First Energy Capital Corp. Study for 2004 BVIIndustry*BVIIndustry* 3.4 1.2 2.8 1.3 1 year 3 year avg Recycle Ratios Comparable to Gas and Light Oil

9. A Platform for Growth – Production 030405 (E)07 (E)09 (E) bbl/day Hilda Lake (Orion) Seal Lloydminster  Over the next five years production is expected to increase from 10,000 bbl/day to 40,000 bbl/day from existing inventory of projects

10. Core Oilsands Areas LLOYDMINSTER HILDA LAKE (ORION) SEAL 20,000 bopd potential 3,000 bopd potential ALBERTA SASKATCHEWAN CHIPMUNK New Area

11. Peace River Oilsands – Seal Summary  Located in the Peace River Oilsands  80,000 net acres  9° - 13° API oil  High rate horizontal wells (125 - 350 bbl/day)  Established infrastructure  23,000 bbl/day battery  58,000 bbl/day pipeline  50% - 100% WI PEACE RIVER NORTH PEACE RIVER CADOTTE NORTHERN CENTRAL WESTERN EASTERN R17 T85 T84 T83 T82 R16R15R14W5

12. Seal – Operating Characteristics  Operating in an oilsands region  No steam required  No mining  1% royalty until payout  Low operating costs  2004 - $5.58/bbl  No sand production  F&D costs - approx. $4.00/bbl

13. Seal – Exposure to a Large Resource Base 8 14 20 30+ % recovery  800 million barrels of oil  How much of this oil is recoverable is a key factor in determining the value of the Seal property Sproule (initial production) Sproule (with prod. history) Lab Studies Waterflood Potential

14. Central Block (76 wells) Eastern Block (45-50 wells) Peace River Block (50-80 wells) Cadotte Block (25-40 wells) Northern Block (25-40 wells) Waterflood Potential 2003200420052006200720082009 Seal – Development Timetable

15. Cold Lake Oilsands – Orion SAGD CALGARY ALBERTA Summary  Located in the Cold Lake Oilsands  Large resource base  Internal estimate of 190 million recoverable barrels  20,000 bbl/day project  25 year life  Established infrastructure  4 heavy oil pipelines nearby  100% owned EDMONTON CNRL (40,000 bbl/day) Imperial Oil (150,000 bbl/day) Husky Tucker Lake (30,000 bbl/day) BlackRock Orion SAGD at Hilda Lake

16. Orion SAGD – Per Barrel Economics Operating margin Royalties Natural gas costs Operating costs Capital costs Wellhead $21.50/bbl $6.80 Wellhead $39.50/bbl $2.40 $7.05 $2.75 $2.50 $16.78 $5.74 $11.73 $2.75 $2.50 Base Case Current Price Environment

17. Orion SAGD – Commercial Project Base Case Economics  21% after tax IRR  Payout in six years (Phase 1 and Phase 2)  In excess of $1 billion in free BT cash flow Assumptions:  WTI US$30/bbl  Differential US$7/bbl  Gas price $6/mcf  Fx – 0.80  In the current price environment, the project generates an IRR of 40% and > $3 billion in BT cash flow

18. WTI ± $1.00 US/bbl Differential ± $1.00 US/bbl Gas prices ± $1.00 Cdn/mcf Capital costs ± 20% Diluent prices ± $1.00 US/bbl US / Cdn exchange rate ± $0.01 Steam / oil ratio ± 10% -3.0%-2.0%-1.0%0.0%1.0%2.0%3.0% Orion SAGD – Key Economic Drivers +2.21 -1.75 +3.05 -2.7 +1.9 -1.45 +1.49 -1.16 +.9 -.9 +.55 -.55 +1.2 -1.3 Change in IRR (%)

19. Detailed engineering B of D approval Facility construction begins Drilling / completing wells Steaming / production begins Q1Q2Q3Q4 200520062007 Orion SAGD – Development Timetable Q1Q2Q3Q4Q1Q2Q3Q4

20. New Discovery – Chipmunk (Peace River Oilsands) Characteristics  Located 15 miles from our Seal property  3 successful wells - 960 bbl/day  65,000 gross acres of land acquired  78 reef-like structures identified  55% working interest  Talisman Energy is our partner  2005 Activities  $2.5 mm 3D seismic program  Test up to 5 reef structures EASTERN 2005 3D Program

21. Core Area – Lloydminster  Established heavy oil area  2,000 - 3,000 bbl/day potential  20 wells planned in 2005  Allocate $5 - $10 million of our capital budget per year for this area

22. Current Financial Position  Working capital$128 mm  Long-term debt –  Hedged productionnone Financial Philosophies  Maintain a strong balance sheet  Minimize the use of debt  Maintain exposure to oil prices  Do not hedge production

23. Capital Requirements / Funding Use of Capital  Expenditure program over next two years (06-07)$350 - $400 mm Potential Sources of Capital  Existing working capital$128 mm  Other sources:  Cash flow from operations$150 - $200 mm  Debt$50 - $100 mm  Sale of non-core assets$40 - $100 mm  Equity

24. Indicative Heavy Oil Pricing 5 yr Average1 st H 2005Current WTI$30.92$51.52$65.00 Lloyd heavy oil differential(9.53)(20.40)(19.00) $21.39$31.12$46.00 Converted to Cdn$$30.07$37.47$54.42 Diluent costs(6.83)(15.15)(14.78) Transportation(2.00)(2.00)(2.00) Wellhead price (Cdn$)$21.24$20.32$37.64 % of WTI47%32%48%  Heavy oil differentials and diluent costs are key determinants in realized well-head prices  Generally, Seal / Orion prices average 45-50% of WTI prices

25. Differentials / Diluent Prices  2005 effected by wide heavy oil differentials and high diluent costs 0.90 1.56 (0.16) 0.37 1.60 7.04 9.67 5.89 7.79 12.50 Heavy Oil Differential (last 5 years) Diluent Premiums (last 5 years) 18.91 000102030405YTD 000102030405YTD 8.62 -2 0 2 4 6 8 10 12 14 0 5 10 15 20

26. Area$ MM Seal55 Orion20 Lloydminster10 Chipmunk5 Other5 Total95 2005 Activities  Year-end production target of 14,000 bbl/day, 40% increase from 2004  Capital budget recently increased to $95 million

27. In Summary – A Platform for Growth Opportunities  Seal  Higher recovery rates  Waterflood potential  Additional discoveries  Chipmunk  More Chipmunks Risks  Oil prices  Execution (people)  Money (financial planning)

28. This presentation contains forward-looking statements that may be identified by words like “forecast”, “estimated”, “expected” “plans”, “potential”, “targeting” or similar expressions. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in BlackRock’s plans, changes in commodity prices, regulatory changes, general economic, market and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. Forward-Looking Statements