Pearl Exploration and Production Ltd.



News Releases

Show printable version of this news release in a New Window Email this news release to a friend
  Jan 8, 2009 - 18:09 ET
Pearl Closes Acquisition of BlackCore and Completes Hiring of New Management Team

  CALGARY, ALBERTA--(Marketwire - Jan. 8, 2009) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX:PXX)(FIRST NORTH:PXXS) is pleased to announce that it has completed the previously announced acquisition of all of the issued and outstanding shares of BlackCore Resources Inc. In conjunction with this transaction, Pearl also completed the hiring of a new senior management team who were formerly with BlackRock Ventures Inc., and made several changes to its Board of Directors. The new management team includes John Festival as President and CEO, Don Cook as Chief Financial Officer, Ed Sobel as Vice President of Exploration and Chris Hogue as Vice President of Operations.

The new Board of Directors includes Keith Hill as non-executive Chairman, John Festival, Brian Edgar, Lukas Lundin and Victor Luhowy.

Under the revised terms of the share purchase agreement, Pearl issued a total of 17,600,000 common shares to the shareholders of BlackCore, as well as 5,000,160 Class A share purchase warrants and 5,000,160 Class B share purchase warrants. Each Class A warrant and Class B warrant will allow the holder to acquire one Pearl share for a price of CAD$0.60 when the Pearl share price reaches a volume weighted average price for 30 consecutive days of CAD$1.50 and CAD$2.00, respectively. In addition, Pearl issued 2.5 million common shares as a result of amending an agreement associated with Pearl's acquisition of an interest in its Blackrod project.

Pearl is a public company focused on converting its captured resources into reserves and becoming a substantial North American heavy oil project development company. Additional information on Pearl and the transaction is available on the Company's website at www.pearleandp.com.

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

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 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.
John Festival
President and Chief Executive Officer
(403) 215-8313
Email: john.festival@pxx.ca
or
Pearl Exploration and Production Ltd.
Don Cook
Chief Financial Officer
(403) 215-8313
(403) 265-8324  (FAX)
Email: don.cook@pxx.ca
or
Pearl Exploration and Production Ltd.
Sophia Shane
Corporate Development
(604) 689-7842
Email: sophias@namdo.com
Website: www.pearleandp.com
 
 

You can return to the Top of this page




Adnet Communications Inc.