PEARL ACQUIRING MORE OF BLACKROD

摘要

An additional 30% working interest in 3,886 contiguous hectares of oilsands leases in the Blackrod project,south of Fort McMurray,is in the cards for Pearl Exploration and Production Ltd.The company,which already has a 35% working interest share,will make a 4.5-million payment on closing,expected on August 20,2008,with a further 4-million payment on the SAGD pilot achieving gross accumulated production of 100,000 barrels.Pearl will make an additional 4-million payment on full-scale commercial development achieving 5,000 b/d.And 3 million will be paid on the full-scale commercial development achieving 10,000 b/d.