Blackpearl misses targets

CALGARY / Blackpearl Resources Inc., the oilsands company that has almost doubled output in the past three years, says it missed 2011 production targets.

The company averaged output of more than 9,500 barrels a day in 2011, less than its target of 11,000 barrels, president John Festival said in a statement released after the close of regular trading Monday.

Blackpearl, based in Calgary, has three projects in Western Canada and expects production of 10,000 to 13,000 barrels a day during the next few years, with the goal of reaching 30,000 barrels by 2016.

The stock has been downgraded to “sector perform” from “outperform” by Mark Friesen, an analyst with RBC Capital Markets.