Pearl Exploration and Production Ltd.



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  Apr 18, 2006 - 17:12 ET
Pearl Exploration and Production Ltd.: Update of Offer to Acquire SignalEnergy Inc.

  CALGARY, ALBERTA--(CCNMatthews - April 18, 2006) - Pearl Exploration and Production Ltd. (the "Company") (TSX VENTURE:PXX) announces that the documentation relating to the Offer to acquire all of the outstanding shares of SignalEnergy Inc. (previously announced on March 27, 2006) is proceeding. The mailing of the Offer and related documents to shareholders will occur as soon as feasible but is anticipated to be no later than May 15, 2006.

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.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Pearl within the United States. The securities of Pearl have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, the securities of Pearl may not be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-looking statements: This press release 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.

This press release also contains forward-looking statements concerning the anticipated Offer for all of the shares of Signal. Although Pearl believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Pearl can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The Offer could be delayed for various reasons including market factors or if Pearl is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The acquisition will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied or if unforeseen market factors arise. Accordingly, there is a risk that the acquisition will not be completed within the anticipated time or at all. In addition, certain information in this press release concerning Singal may change materially from the time of this press release to the date of acceptance of this offer. Accordingly, there is the risk that the assets acquired pursuant to the Offer may differ materially from that disclosed in this press release.

The forward-looking statements contained in this press release are made as of the date hereof and Pearl undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


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

FOR FURTHER INFORMATION PLEASE CONTACT:


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

or

Pearl Exploration and Production Ltd.
Gary Hyde
Chief Operating Officer
(403) 716-4063
(403) 261-1007 (FAX)
gary.hyde@tykoil.com
www.pearleandp.com
 
 

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