Pearl Exploration and Production Ltd.
TSX VENTURE : PXX

Pearl Exploration and Production Ltd.

January 12, 2007 17:00 ET

Pearl Appoints Keith Hill President and CEO

CALGARY, ALBERTA--(CCNMatthews - Jan. 12, 2007) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX VENTURE:PXX) reports that effective as of February 1, 2007 Keith Hill will assume the role of President and Chief Executive Officer of the Company, stepping down as Chairman. Gary Guidry will resign as President and CEO, remaining a Director, and become Chairman of the Board.

"The management changes are to facilitate full time focus on my role as President and CEO of Tanganyika Oil Company Ltd. Both Keith and myself were the founders of Pearl and I look forward to further contributing to the growth of the Company and will remain active in directing the strategy and operations of Pearl," commented Gary Guidry.

Keith Hill, an active, senior Director since Pearl's inception, was formerly President and CEO of Valkyries Petroleum Corp., a Russia focused oil and gas company which he led through a highly successful takeover. Mr. Hill has over 20 years of experience in the oil industry including senior management positions and international new venture and exploration management at Lundin Oil AB, Occidental Petroleum Corporation and Shell Oil Company. His educational background includes a B.Sc. in Geophysics and an M.Sc. in Geology from Michigan State University and an M.B.A. in International Business and Finance from the University of St. Thomas in Houston, Texas.

Gary Guidry has led Pearl from its startup one year ago through a series of corporate acquisitions bringing the Company today to an anticipated 2007 exit production rate in excess of 12,000 barrels of oil per day. Mr. Guidry has extensive experience in the oil industry and a proven track record in international petroleum development and project execution, operating in diverse environments ranging from deep-water West Africa and the Gulf of Mexico, and South American rainforests to the deserts of the Middle East. Prior to joining the Lundin Group, Mr. Guidry was President and C.E.O. of Calpine Natural Gas Trust, an energy trust listed on the Toronto Stock Exchange, where during his tenure he led it through substantial growth and ultimately a successful merger with Viking Energy Royalty Trust. He has previously held executive positions including President of AEC International and senior management positions for CanOxy/Nexen, Benton Oil and Gas and Occidental Petroleum including projects in Nigeria, Yemen and Ecuador. A Petroleum Engineer by training, he is an Alberta-registered Professional Engineer.

Pearl is a public company focused on delivering disciplined growth by establishing a North American portfolio of oil and gas projects with an emphasis on large resource opportunities. Additional information on Pearl is available on our website at www.pearleandp.com.

Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pearl Exploration and Production Ltd.
    Gary Guidry
    President and Chief Executive Officer
    (403) 716-4051
    (403) 261-1007 (FAX)
    Email: gary.guidry@tykoil.com
    or
    Pearl Exploration and Production Ltd.
    Gary Hyde
    Chief Operating Officer
    (403) 716-4063
    (403) 261-1007 (FAX)
    Email: gary.hyde@tykoil.com
    or
    Pearl Exploration and Production Ltd.
    Arlene Weatherdon
    Chief Financial Officer
    (403) 716-4051
    (403) 261-1007 (FAX)
    Email: arlene.weatherdon@tykoil.com
    or
    Pearl Exploration and Production Ltd.
    Sophia Shane
    Corporate Development
    (604) 806-3575
    Email: sophias@namdo.com
    Website: www.pearleandp.com