Pearl Exploration and Production Ltd.



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  Mar 16, 2006 - 12:08 ET
Pearl Successful Bidder in Central Gulf of Mexico Lease Sale

  CALGARY, ALBERTA--(CCNMatthews - March 16, 2006) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX VENTURE:PXX) announces that its subsidiary, Pearl Exploration and Production USA Ltd., is the apparent high bidder on four offshore lease blocks on which it bid in the Central Gulf of Mexico Lease Sale held March 15, 2006 in New Orleans, Louisiana. All bids are subject to review and final approval by the Minerals Management Service.

The Company bid a total of $US 1.5 million for the following four blocks which cover 10,240 acres in the Gulf of Mexico.

West Cameron Area - Block 263

West Cameron Area, West Addition - Block 346

West Cameron Area, West Addition - Block 364

South Marsh Island Area, South Addition - Block 164

"We see great opportunities in the Gulf of Mexico," said Gary Guidry, President and CEO of Pearl. "These additional blocks, which are all at depths of 75 to 250 feet of water, are consistent with our Gulf of Mexico strategy which is to pursue significant, seismically supported exploration prospects in shallow waters."

The Company had previously announced the acquisition of the rights to an offshore OCS block (Mustang Island Area, East Addition, Area Number TX3A, Block 736), which the company plans to drill in the first half of 2006.

Pearl Exploration and Production Ltd. is a public company focused on delivering disciplined growth by establishing a North American portfolio of oil and gas projects with a bias for large resource opportunities.

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.

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
 
 

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