2010-05-18-2010-03-29

To acquire remaining 20% WI in northern Alberta oilsands property.

BlackPearl Resources Inc., Calgary, (Toronto: PXX) plans to acquire the remaining 20% working interest in an Alberta oil-sands property from Serrano Energy Ltd., a subsidiary of Canadian Phoenix Resources Corp., Calgary, (Toronto Venture: CXP) for C$21 million.

BlackPearl exercised its right of first refusal to acquire the Blackrod lease, which is near Fort McMurray in northern Alberta. The company now owns 100% of the project and says it plans to begin construction of a steam-assisted gravity drainage pilot there later this year.

The acquisition will be funded from working capital.