Pearl Exploration and Production Ltd.

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  Feb 2, 2007 - 18:08 ET
Pearl Announces $75 Million Credit Agreement

  CALGARY, ALBERTA--(CCNMatthews - Feb. 2, 2007) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX VENTURE:PXX) is pleased to announce the closing of a credit agreement with Alberta Treasury Branches for a $65,000,000 Revolving 364 Day Extendible Term Facility and a $10,000,000 Demand Revolving Operating Facility.

Keith Hill, President and CEO of Pearl, commented, "We are very pleased to have this facility in place which further strengthens Pearl's financial position. The facility will be used mainly to fund the Company's 2007 capital program and also allows Pearl to take advantage of opportunistic acquisitions as they arise."

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

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 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. 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.
Keith Hill
President and Chief Executive Officer
(604) 689-7842
(604) 689-4250 (FAX)


Pearl Exploration and Production Ltd.
Arlene Weatherdon
Chief Financial Officer
(403) 716-4051
(403) 261-1007 (FAX)

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