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Message: Closes Acquisition of BlackCore and Completes Hiring of New Management Team

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Closes Acquisition of BlackCore and Completes Hiring of New Management Team

posted on Jan 11, 09 12:55PM

January 8, 2009

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.

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