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News Releases

| December 24, 2007 |
Pearl Exploration and Production Ltd.: Corporate Update |
| November 14, 2007 |
Pearl Announces Financial Results for Interim Period Ended September 30, 2007 |
| November 6, 2007 |
Pearl Closes Acquisition of Heavy Oil Resources From PetroHunter Energy |
| October 19, 2007 |
Pearl Closes Acquisition of Watch Resources |
| October 17, 2007 |
Pearl Closes CDN $110 Million Private Placement |
| October 4, 2007 |
Pearl Increases Private Placement to Cdn $110 Million |
| October 3, 2007 |
Pearl Announces Cdn $100 Million Bought Deal Private Placement |
| October 1, 2007 |
Pearl Acquires Major Heavy Oil Resource in Montana and Utah From PetroHunter Energy |
| September 12, 2007 |
Pearl Announces Filing of Reserves Report |
| September 6, 2007 |
Pearl Announces Operations Update |
| September 4, 2007 |
Pearl Appoints Randy Neely as CFO |
| August 31, 2007 |
Pearl Announces Management Update |
| August 23, 2007 |
Pearl Announces the Acquisition of a Large Heavy Oil Project in Alberta |
| August 14, 2007 |
Pearl Announces Financial Results for Interim Period Ended June 30, 2007 |
| August 8, 2007 |
Pearl Closes Acquisition of Additional Interest in Producing Mooney Oil Field in Northern Alberta |
| August 2, 2007 |
Pearl to Acquire Watch Resources Ltd. |
| July 18, 2007 |
Pearl to Acquire Additional Interest in Producing Mooney Oil Field in Northern Alberta |
| July 12, 2007 |
Pearl Announces Cdn $60.6 Million Private Placement Closed |
| June 27, 2007 |
Pearl Announces an Increase in Private Placement to Cdn $60.6 Million |
| June 27, 2007 |
Pearl Announces CDN $50.5 Million Private Placement |
| June 15, 2007 |
Pearl to Commence Trading on First North, Stockholm on June 20, 2007 |
| May 29, 2007 |
Pearl Announces Second Quarter Results |
| May 8, 2007 |
Pearl Completes Sale of Gulf of Mexico Assets to Bayou Bend Petroleum |
| April 30, 2007 |
Pearl to Apply for Trading on First North, Stockholm |
| March 1, 2007 |
Pearl Closes Acquisition of Cipher Exploration Inc. |
| March 1, 2007 |
Pearl Announces First Quarter 2007 Results |
| February 2, 2007 |
Pearl Announces $75 Million Credit Agreement |
| February 1, 2007 |
Pearl Files 2006 Reserves Data |
| January 30, 2007 |
Pearl Announces 2006 Year-End Financial Results |
| January 18, 2007 |
Pearl Signs Letter of Intent to Acquire Cipher Exploration Inc. |
| January 12, 2007 |
Pearl Appoints Keith Hill President and CEO |
| January 12, 2007 |
Pearl Announces Operations Update |
| January 8, 2007 |
Pearl Announces Sale of Gulf of Mexico Assets |
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