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Message: Announces $40 Million Equity Financing

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Announces $40 Million Equity Financing

posted on Apr 07, 09 04:32AM

April 7, 2009

Pearl Announces $40 Million Equity Financing

CALGARY, ALBERTA--(Marketwire - April 7, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX:PXX)(FIRST NORTH:PXXS) announces that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P. and including Canaccord Capital Inc., RBC Dominion Securities Inc. and Tristone Capital Inc. (the "Underwriters") which have agreed to purchase, on a bought deal basis, 45,508,000 special warrants of Pearl at a price of $0.88 per special warrant, for aggregate gross proceeds of $40,047,040.

In addition, the Underwriters have been granted an over-allotment option, which may be exercised up to 30 days after closing of the offering (the "Closing"), to purchase up to 6,826,000 additional special warrants at a price of $0.88 per special warrant. If the over-allotment is fully exercised, gross proceeds from the offering will be approximately $46,053,920.

Each special warrant will entitle the holder thereof to receive one common share of the Company on the exercise or deemed exercise of the special warrant. The special warrants will be exercisable by the holder at any time after the Closing for no additional consideration and all unexercised special warrants will be deemed to be exercised on the earlier of (a) four months and a day following the Closing, and (b) that day on which a receipt is issued by the securities regulatory authorities in the Provinces of Alberta, British Columbia and Ontario for a final prospectus qualifying the common shares to be issued upon the exercise of the special warrants. The Company shall use its reasonable best efforts to obtain such receipt for a final exercise of the special warrants within 30 days of Closing. Until the receipt is issued for such prospectus, the special warrants as well as the common shares issuable upon exercise thereof will be subject to a four month hold period under applicable Canadian securities laws.

Pearl plans to use the net proceeds from the offering to fund capital expenditures and for general corporate purposes.

The offering is scheduled to close on or about April 20, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities.

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