Pearl Exploration and Production Ltd.

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  May 1, 2006 - 10:48 ET
Pearl Completes Acquisition Of Pan-Global Energy Ltd.

  CALGARY, ALBERTA--(CCNMatthews - May 1, 2006) - Pearl Exploration and Production Ltd. ("Pearl") (TSX VENTURE:PXX) and Pan Global Energy Ltd. ("Pan-Global") (TSX VENTURE:PIE) announced today that the acquisition, by Pearl, of all of the issued and outstanding shares of Pan-Global, has been completed. Under the terms of the Pan-Global Plan of Arrangement, Pan-Global shareholders will receive one Pearl common share for each six Pan-Global common shares held.

"In completing this transaction Pearl has added another high-quality opportunity to its portfolio of North American oil and gas assets" said Gary Guidry, President of Pearl. "The strong support of Pan-Global shareholders for this deal demonstrates their desire to realize the full value of their assets by participating in the direct ownership of our fast growing North American oil and gas company. We are looking forward to beginning our development on the lands we have acquired by continuing negotiations and we are confident that we will be able to resolve the previously announced dispute regarding certain lands."

Pan-Global shareholders who hold their shares in a brokerage account should confirm with their brokers that the conversion has occurred. Pan-Global shareholders who hold their shares directly should have received letters of transmittal that explain the steps that need to be taken to exchange their Pan-Global shares for Pearl shares. Questions on this procedure can be addressed to Ian Malcolm at Computershare Investor Services Inc. at (604) 661-9400 extension 4244 or at

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:

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 an 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.


Pearl Exploration and Production Ltd.
Gary Guidry
President and Chief Executive Officer
(403) 716-4051
(403) 261-1007 (FAX)


Pearl Exploration and Production Ltd.
Gary Hyde
Chief Operating Officer
(403) 716-4063
(403) 261-1007 (FAX)

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