NEWS
RELEASE
October 4, 2007
PEARL INCREASES PRIVATE
PLACEMENT TO CDN $110 MILLION
CALGARY, ALBERTA - Pearl Exploration and
Production Ltd.
("Pearl")
(TSX Venture: PXX) reports that it
has agreed to increase the private placement announced on October 3,
2007. The Company will now sell, on a bought-deal, private placement
basis, an aggregate of 29,400,000 common shares of the Company at a price of Cdn $3.75 per share for gross proceeds of Cdn $110,250,000.
The placement of the common shares will be
underwritten and led by GMP Securities L.P. and includes Canaccord
Adams Limited. Net proceeds of the private placement will be used
to fund the recently announced acquisition of heavy oil assets from PetroHunter Energy Corporation and the Company’s
ongoing development programs as well as for general working capital
purposes. The private placement is subject to all requisite regulatory
approvals. The common shares issued pursuant to the private placement
will be subject to a 4 month hold period.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities of Pearl within the United States. The securities of Pearl have not been and
will not be registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or any state securities laws. Accordingly,
the shares may not be offered or sold in the United
States or to U.S. persons (as such terms are
defined in Regulation S under the 1933 Act) unless registered under 1933 Act
and applicable state securities laws or an exemption from such registration is
available.
Pearl Exploration and Production Ltd. is a
public company focused on delivering disciplined growth by establishing a North
American portfolio of heavy oil projects with an emphasis on large resource
opportunities. Additional information on Pearl is available on the Company’s
website at www.pearleandp.com.
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.
Pearl’s Certified
Advisor on First North is E.
�hman J:or Fondkommission AB.
For further information, please
contact:
Keith Hill - President and
Chief Executive Officer
Tel.:
(604) 689-7842
E-mail:
khill@namdo.com
|
Randy Neely – Chief
Financial Officer
Tel: (403) 716-4054
E-mail: randy.neely@pxx.ca
|
Sophia Shane – Corporate
Development
Tel:
(604) 806-3575
E-mail: sophias@namdo.com
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The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy of
this release