PEARL APPOINTS RANDY NEELY AS CFO

CALGARY, ALBERTA - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX Venture: PXX and First North: PXXS) is pleased to announce the appointment of Mr. Randy Neely as Chief Financial Officer of the Company effective September 4, 2007.  Mr. Neely brings over 15 years of progressively senior financial management and leadership experience in accounting, auditing, corporate finance with particular expertise in the oil and gas industry.  Mr. Neely is joining Pearl after recently resigning from Trident Exploration Corp. where he recruited and led a top team of accounting, finance and information technology professionals at this high growth company over the past 3 years. During this period production at Trident grew from less than 1000 barrels of oil equivalent per day to over 15,000 barrels of oil equivalent per day.  Prior to joining Trident, Randy was a vice president in the Calgary office of TD Securities investment banking group and prior to that a senior manger with KPMG.  Mr. Neely has a Bachelor of Commerce degree from the University of Calgary and also holds the designations of Chartered Accountant and Chartered Financial Analyst.

Mr. Neely will take responsibility for the strategic direction and leadership of the finance group.

Keith Hill, President and CEO of Pearl commented, “I am very pleased to welcome Randy to our team. His strong financial background and leadership skills will further enhance the Company’s management depth and be a great asset in our projected growth strategy.”

Mr. Neely commented, "I am very excited to be joining Pearl at such an important point in its corporate evolution and I am looking forward to working closely with Keith and all of my new colleagues to help Pearl achieve its full potential”.

Pearl is a public company focused on delivering disciplined growth by establishing a North American portfolio of oil and gas projects with an emphasis on large resource opportunities.  Additional information on Pearl is available on our website at www.pearleandp.com.

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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.