2009-08-11-2007-09-01-2007-09-01

WI

Pearl Exploration and Production Ltd., Calgary, (Toronto Venture: PXX) plans to acquire a 24% working interest in the Mooney oil field in northern Alberta from privately held, Calgary-based Ravenwood Energy Corp. for C$10 million in cash and C$10 million in stock in a total deal valued at C$20 million. The assets include interest in 72 gross sections in the Mooney area. Net production from the interest is 625 barrels of oil equivalent per day. Pearl is the operator of the field and currently holds a 74.1% working interest, which will increase to more than 98%. Rundle Energy Partners marketed the assets for Ravenwood. The deal was expected to close in early August.