Pearl Exploration and Production Ltd.

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  Mar 9, 2006 - 18:10 ET
Pearl Exploration and Production Ltd. Amendment of Expiration Date of Warrants

  CALGARY, ALBERTA--(CCNMatthews - March 9, 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 September 13, 2005. As previously announced, the Warrants were exercisable for 12 months from the date of issuance into Common Shares at a price of two dollars (CDN $2.00) per Common Share. In the event that the Common Shares of the Company trade at $2.50 or higher for a period of 20 consecutive trading days after the expiry of the 4 month hold period, the exercise period of the Warrants may be reduced and each Warrant shall expire 15 business days thereafter.

The amendment will result in the Warrants being exercisable on or before 4:30 p.m., Calgary, Alberta time, April 6th, 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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