Pearl Exploration and Production Ltd.

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  May 22, 2008 - 20:39 ET
Pearl Corporate Update

  CALGARY, ALBERTA--(Marketwire - May 22, 2008) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX VENTURE:PXX)(FIRST NORTH:PXXS) is pleased to report that it has closed the sale of certain of Pearl's non-core heavy oil assets to a large integrated energy company as previously announced on April 25, 2008. In consideration, the Company received $75 million, net of typical purchase price adjustments.

Pearl President and CEO stated, "We are pleased that this asset deal has been completed. The proceeds give us a very strong balance sheet and we will now be able to better focus our technical and financial resources on our core large scale heavy oil properties."

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

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 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
Pearl Exploration and Production Ltd.
Randy Neely
Chief Financial Officer
(403) 716-4054
Pearl Exploration and Production Ltd.
Sophia Shane
Corporate Development
(604) 806-3575

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