Peal Successful Bidder in Central Gulf of Mexico Lease Sale

Pearl Exploration and Production Ltd.'s subsidiary, Pearl Exploration and Production USA Ltd., is the apparent high bidder on four offshore lease blocks on which it bid in the Central Gulf of Mexico Lease Sale held March 15, 2006 in New Orleans, Louisiana. All bids are subject to review and final approval by the Minerals Management Service.

The Company bid a total of $US 1.5 million for the following four blocks which cover 10,240 acres in the Gulf of Mexico.

West Cameron Area - Block 263

West Cameron Area, West Addition - Block 346

West Cameron Area, West Addition - Block 364

South Marsh Island Area, South Addition - Block 164

"We see great opportunities in the Gulf of Mexico," said Gary Guidry, President and CEO of Pearl. "These additional blocks, which are all at depths of 75 to 250 feet of water, are consistent with our Gulf of Mexico strategy which is to pursue significant, seismically supported exploration prospects in shallow waters."

The Company had previously announced the acquisition of the rights to an offshore OCS block (Mustang Island Area, East Addition, Area Number TX3A, Block 736), which the company plans to drill in the first half of 2006.

Pearl Exploration and Production Ltd. is a public company focused on delivering disciplined growth by establishing a North American portfolio of oil and gas projects with a bias for large resource opportunities.

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