PXX Pearl Exploration And Production LT Com Npv

Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX
VENTURE:PXX)(FIRST NORTH:PXXS) is pleased to report that it has achieved an exit
production rate of over 12,100 barrels of oil equivalent per day during the last
week of December 2007. This achievement represents an increase of 55% over the
year end exit rate of 2006 and is the result of a focused and committed strategy
to create one of North America's premier heavy oil companies, taking advantage
of a much overlooked opportunity in the oil and gas industry. The Company will
continue to aggressively grow and upgrade its heavy oil resources, carving out a
unique, innovative and highly attractive position for itself in the oil and gas
sector.


The Company is also pleased to announce that it has received board approval for
a 2008 capital budget of $61 million. The Company's intention is to focus a
significant portion of this budget on resource conversion activities, including
the continued work on the steam pilots in San Miguel, Texas, Onion Lake,
Saskatchewan and the Blackrod project in the Athabasca region of Alberta. The
Company will also be initiating studies to examine options for upgrading and/or
refining technologies on its core properties to increase per barrel netback
economics. In addition, in order to dedicate more capital and intellectual
resources to core properties, the Company has determined that it will
investigate the rationalization of certain non-core assets situated in
Saskatchewan and Southern Alberta. Upon completion of the rationalization
efforts, the Company will provide production guidance for 2008.


Pearl President and CEO Keith Hill commented, "We are very committed to our
principal strategy of building shareholder value through the acquisition of
large scale heavy oil resources and converting them into reserves. We continue
to believe that heavy oil will occupy a much greater position in the world
energy market and plan to position ourselves to take advantage of this
eventuality. Therefore in the near term we intend to focus the majority of our
efforts on our core properties in both Canada and the United States with less
emphasis on continued production growth and a greater emphasis on advancing
steam pilot projects designed to convert our captured large scale resources into
proven and probable reserves. We will also pursue various options designed to
increase per barrel profitability including various types of unconventional
upgrading and low tech refining applications."


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.


All references in this release to boe's are based on a 6 to 1 conversion ratio.
Boe's may be misleading, particularly if used in isolation. A boe conversion of
6 Mcf:1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.


Pearl's Certified Advisor on First North is E. Ohman J:or Fondkommission AB.

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 Exploration And Production LT Com Npv (TSXV:PXX)
Historical Stock Chart
From May 2024 to Jun 2024

Pearl Exploration And Production LT Com Npv (TSXV:PXX)
Historical Stock Chart
From Jun 2023 to Jun 2024