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Message: Closes Acquisition of Additional 15% Interest in Blackrod Oil Project

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Closes Acquisition of Additional 15% Interest in Blackrod Oil Project

posted on Jan 28, 09 12:18PM

Closes Acquisition of Additional 15% Interest in Blackrod Oil Project

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.

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