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News Releases
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MAY 8, 2007 - 18:33 ET
Pearl Completes Sale of Gulf of Mexico Assets to Bayou Bend Petroleum
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CALGARY, ALBERTA--(CCNMatthews - May 8, 2007) - Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX VENTURE:PXX) is pleased to announce that the sale of its Gulf of Mexico assets to Bayou Bend Petroleum Ltd. ("Bayou Bend"), as announced on January 18, 2007, has closed. In consideration for 10 million common shares of Bayou Bend, each share having a deemed value of Cdn $1.20 at the time the transaction was announced, Pearl sold to Bayou Bend a 100% working interest in five Gulf of Mexico offshore exploration blocks, farm-in rights to acquire a 25% working interest in a sixth offshore block, and all physical data, work products and files and records associated with these blocks. The price of the Bayou Bend shares have now appreciated to approximately Cdn $2.74 per share, giving a current deal value of Cdn $27.4 million.
Pearl is a rapidly growing oil and gas company with production and development assets in Canada and the U.S. The Company is focused on delivering disciplined growth with an emphasis on large resource opportunities. Additional information on Pearl is available on the Company's 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pearl Exploration and Production Ltd.
Keith Hill
President and Chief Executive Officer
(604) 689-7842
(604) 689-4250 (FAX)
Email: khill@namdo.com
or
Pearl Exploration and Production Ltd.
Arlene Weatherdon
Chief Financial Officer
(403) 716-4054
(403) 265-8324 (FAX)
Email: arlene.weatherdon@pxx.ca
or
Pearl Exploration and Production Ltd.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Email: sophias@namdo.com
Website: www.pearleandp.com
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