I looked up little bit the topic of heart rate while breathing oxygen, and have found this interesting document:
http://www.pubmedcentral.nih.gov/picrender.fcgi?artid=289201&blobtype=pdf
Form it is clear that normally, when breathing pure oxygen the heart rate slightly decreases, and the effect is quite consistent. It indicates that Blaine probably overdone the pre-hold hyperventilation and flushed out too much CO2 from the body. If the heart rate started to drop at ~14 minutes after the start, assuming the body produces 200 ml/min in rest (possibly slightly less in complete relaxation), he might have washed out around 2-3 liters of CO2. Well, there is enough of CO2 dissolved in the body liquids, so perhaps it is possible, but he might also have tried changing the blood pH chemically, which would make big sense for avoiding the blood acidosis at the end of the long apnea.
I think Blaine is rather a master in relaxation techniques (at least it is what he claims about himself), and able to control his heart rate to certain degree even under the stress of the TV show, so to me it looks like the reason for the consistently high heart rate must have been physiological/chemical. And since it was not the oxygen (it slows the heart rate), it must have been quite long hyperventilation and/or blood pH manipulation by drugs. I am not quite sure right now, if there is direct parallax between pH and heart rate, or whether it is rather exclusively the level of CO2 that matters, so the use of pH modifying drugs is only a speculation. The hyperventilation though is unavoidable at O2 breath-holds.