PXX Pearl Exploration And Production LT Com Npv

Pearl Exploration and Production Ltd. ("Pearl" or the "Company") (TSX
VENTURE:PXX)(FIRST NORTH:PXXS) reports that it has entered into a binding
agreement with a large integrated energy company to sell certain non-core heavy
oil producing assets for $75 million.


These assets, principally located in the Lloydminster, Celtic, Pikes Peak and
Thunderchild areas of Saskatchewan, currently produce approximately 3,200 Boe/d
and are part of the non-core asset package that the Company had announced its
intentions to investigate selling on January 8, 2008.


"We are very pleased with the outcome of this non-core asset rationalization
effort. While these assets make up approximately 30% of our current production
and cash flow they are only 10% of our proved plus probable reserves and 3% of
our proved plus probable plus possible reserves. By disposing of these assets we
will be better able to concentrate on our larger resource to reserve conversion
opportunities both in terms of capital and in terms of human resources. In
addition this sale will allow Pearl to eliminate its current debt balance of
approximately $30 mm," stated Keith Hill, President and CEO of Pearl.


The sale is expected to close prior to the end of May. Canaccord Enermarket
acted as exclusive financial advisor to Pearl in this disposition.


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.


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.

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