Pearl Exploration and Production Ltd.

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  Apr 17, 2006 - 09:30 ET
Pearl Exploration and Production Ltd.: Amendment of Expiration Date of Warrants

  CALGARY, ALBERTA--(CCNMatthews - April 17, 2006) - Pearl Exploration and Production Ltd. (the "Company") (TSX VENTURE:PXX) announces that the Company has given notice of an early expiry of the Warrants issued December 14, 2005. When issued, the Warrants were exercisable into Common Shares at a price of four dollars (CDN $4.00) per Common Share prior to December 14, 2007, or if four months after the issuance of the Warrants, the closing trading price of the Common Shares of the Company exceeds a weighted average price of CDN $4.50 for a period of 20 consecutive trading days, the Company may provide notice of an early expiry of the Warrants and the Warrants shall then expire 30 days after the date of such notice.

The amendment will result in the Warrants being exercisable on or before 4:30 p.m., Calgary, Alberta time, May 24th, 2006 after which all rights shall be void and of no further value.

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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