Pearl Exploration and Production Ltd.



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  Oct 4, 2007 - 15:09 ET
Pearl Increases Private Placement to Cdn $110 Million

  CALGARY, ALBERTA--(Marketwire - Oct. 4, 2007) -

NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF US SECURITIES LAW.

Pearl Exploration and Production Ltd. ("Pearl") (TSX VENTURE:PXX) reports that it has agreed to increase the private placement announced on October 3, 2007. The Company will now sell, on a bought-deal, private placement basis, an aggregate of 29,400,000 common shares of the Company at a price of Cdn $3.75 per share for gross proceeds of Cdn $110,250,000.

The placement of the common shares will be underwritten and led by GMP Securities L.P. and includes Canaccord Adams Limited. Net proceeds of the private placement will be used to fund the recently announced acquisition of heavy oil assets from PetroHunter Energy Corporation and the Company's ongoing development programs as well as for general working capital purposes. The private placement is subject to all requisite regulatory approvals. The common shares issued pursuant to the private placement will be subject to a 4 month hold period.

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 shares 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.

Pearl Exploration and Production Ltd. is a public company focused on delivering disciplined growth by establishing a North American portfolio of heavy oil projects 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.

Pearl's Certified Advisor on First North is E. Ohman J:or Fondkommission AB.



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
Email: khill@namdo.com

or

Pearl Exploration and Production Ltd.
Randy Neely
Chief Financial Officer
(403) 716-4054
Email: randy.neely@pxx.ca

or

Pearl Exploration and Production Ltd.
Sophia Shane
Corporate Development
(604) 806-3575
Email: sophias@namdo.com
Website: www.pearleandp.com
 
 

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