Pearl Exploration and Production Ltd.



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  Jun 27, 2007 - 12:48 ET
Pearl Announces an Increase in Private Placement to Cdn $60.6 Million

  CALGARY, ALBERTA--(Marketwire - June 27, 2007) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX VENTURE:PXX) reports that it has agreed to increase the recently announced private placement. The Company will now sell on a non-brokered, private placement basis up to an aggregate of 12 million common shares of the Company at a price of Cdn $5.05 per share for gross proceeds of up to Cdn $60.6 million. The shares issued pursuant to the private placement will be subject to a 4 month hold period. A 4% finder's fee may be payable on all or a portion of the private placement. Net proceeds of the private placement will be used for potential new acquisitions, an accelerated development program on the San Miguel heavy oil project in Texas, ongoing development programs in Canada and for general working capital purposes. The private placement is subject to regulatory approval.

Pearl is a rapidly growing oil and gas company with production and development assets in Canada and the U.S. The Company is focused on delivering disciplined growth with an emphasis on large resource opportunities. Additional information on Pearl is available on the Company's website at www.pearleandp.com.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:


Pearl Exploration and Production Ltd.
Keith Hill
President and Chief Executive Officer
(604) 689-7842
(604) 689-4250 (FAX)
Email: khill@namdo.com

or

Pearl Exploration and Production Ltd.
Arlene Weatherdon
Chief Financial Officer
(403) 716-4054
(403) 265-8324 (FAX)
Email: arlene.weatherdon@pxx.ca

or

Pearl Exploration and Production Ltd.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Email: sophias@namdo.com
Website: www.pearleandp.com
 
 

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