CALGARY, ALBERTA--(Marketwire - Jan. 28, 2009) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX:PXX)(FIRST NORTH:PXXS) is pleased to announce that it has closed the acquisition (the "Acquisition") of an additional 15% interest in the Blackrod oil sands leases located south of Fort McMurray, Alberta (the "Blackrod Project"). Pearl now holds an 80% working interest in the project and will assume operatorship.
Pearl acquired the additional interests in the project by transferring its ownership interest in the vendor. The vendor will also fund the next $6.25 million of gross expenditures on the Blackrod Project.
The above transaction has received all applicable regulatory approvals.
Additional information on Pearl 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.
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
Pearl Exploration and Production Ltd.
Don Cook
Chief Financial Officer
(403) 215-8313
(403) 265-8324 (FAX)
Email: don.cook@pxx.ca
Pearl Exploration and Production Ltd.
Sophia Shane
Corporate Development
(604) 806-3575
Email: sophias@namdo.com
Website: www.pearleandp.com
