Pearl Exploration and Production Ltd.

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  May 11, 2010 - 09:02 ET
BlackPearl Announces Completion of Equity Financing


CALGARY, ALBERTA--(Marketwire - May 11, 2010) -


BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX:PXX)(FIRST NORTH:PXXS) is pleased to announce the completion of its previously announced $28.8 million offering of common shares (the "Offering"). The Offering was made through a syndicate of underwriters co-led by FirstEnergy Capital Corp. and GMP Securities L.P., and including RBC Capital Markets, Canaccord Financial Ltd., Macquarie Capital Markets Canada Ltd., Peters & Co. Limited and TD Securities Inc. (the "Underwriters"), and consisted of 10,350,000 common shares offered at a price of $2.90 per share, including 1,350,000 common shares issued pursuant to an over-allotment option granted to the Underwriters.

The Corporation intends to use the net proceeds of the Offering to replenish working capital utilized in the recent acquisition of an additional working interest at its Blackrod SAGD project, to accelerate development activities at Onion Lake, and for general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act.

BlackPearl's Certified Advisor on First North is E. Öhman J:or Fondkommission AB.

Company Registration Number: 409596-1

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", "predict", "targeting", "seek", "intend", "could", "potential" or similar words. In particular, this press release containing forward-looking statements regarding the anticipated use of proceeds of the offering. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ, and the difference may be material and adverse to the Corporation and its shareholders. The intended use of the net proceeds of the Offering may change if the board of directors and management determine that it is in the Company's best interests to deploy the proceeds for some other purpose. The Company believes the expectations and assumptions reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

The forward-looking statements and information contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or otherwise any forward-looking statements and information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


BlackPearl Resources Inc.
John Festival
President and Chief Executive Officer
(403) 215-8313
BlackPearl Resources Inc.
Don Cook
Chief Financial Officer
(403) 215-8313
(403) 265-8324 (FAX)

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