Pearl E&P Grants Incentive Stock Options to Directors and Officers

Pearl Exploration and Production reports that it has granted an aggregate of 1,213,500 incentive stock options to certain directors and officers of the Company. The options are exercisable, subject to vesting provisions, over a period of five years at a price of Cdn $2.53 per share.

Pearl Exploration and Production Ltd. is a public company focused on growing our reserve base from our existing portfolio of large resource heavy oil projects in North American and profitability. Additional information on Pearl is available on our website at www.pearleandp.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.