Pearl Exploration and Production Ltd.
TSX VENTURE : PXX

Pearl Exploration and Production Ltd.

July 12, 2007 17:41 ET

Pearl Announces Cdn $60.6 Million Private Placement Closed

CALGARY, ALBERTA--(Marketwire - July 12, 2007) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX VENTURE:PXX)(FIRST NORTH:PXXS) is pleased to announce that the private placement announced on June 27, 2007 has closed. The Company sold on a non-brokered, private placement basis an aggregate of twelve (12) million common shares of the Company at a price of Cdn $5.05 per share for gross proceeds of Cdn $60.6 million. A 4% finder's fee is payable on a portion of the private placement. The shares issued pursuant to the private placement are subject to a four-month hold period expiring on November 12, 2007.

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.
    Keith Hill
    President and Chief Executive Officer
    (604) 689-7842
    (604) 689-4250 (FAX)
    Email: khill@namdo.com
    or
    Pearl Exploration and Production Ltd.
    Arlene Weatherdon
    Chief Financial Officer
    (403) 716-4054
    (403) 265-8324 (FAX)
    Email: arlene.weatherdon@pxx.ca
    or
    Pearl Exploration and Production Ltd.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    Email: sophias@namdo.com
    Website: www.pearleandp.com