Pearl Exploration and Production Ltd.

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  Jun 21, 2006 - 20:10 ET
Pearl Exploration and Production Ltd.: Expiry and Withdrawal of Offer to Acquire SignalEnergy Inc.

  CALGARY, ALBERTA--(CCNMatthews - June 22, 2006) - On May 16, 2006 Pearl Exploration and Production Ltd. ("Pearl") (TSX VENTURE:PXX) initiated an unsolicited offer (the "Offer") to acquire all of the outstanding common shares of SignalEnergy Inc. ("Signal"). An insufficient number of Signal shares required to satisfy a condition of the Offer have been tendered. The Offer, which expired at 5:00 p.m. (Calgary time) today, is therefore withdrawn. Signal shareholders who have tendered to the Offer will have their shares returned promptly.

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

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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