Pearl Exploration and Production Ltd. announced that the Stockholm Stock Exchange has approved Pearl's application for trading of Swedish Depository Receipts ("SDRs") on the First North list of the Stockholm Stock Exchange.

The SDRs will commence trading at the market opening on June 20, 2007 under the symbol "PXXS". The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol "PXX".

Each SDR will represent one issued common share of the Company on deposit with the designated depository, E. Ohman J:or Fondkommission AB ("Ohman") of Stockholm. The SDRs will be exchangeable into common shares (and vice versa) on a one-for-one basis.

During the period June 13, 2007 to June 21, 2007 this exchange service will be offered for free by Ohman. After the initial free exchange period, a SEK 2100 fee will be charged. Ohman will act as sponsor in connection with the trading of SDRs on the First North list.

Keith Hill, President and CEO, commented, "I'd like to extend a warm welcome to our new SDR holders. We are excited and honoured to be trading on First North in Stockholm and look forward to many years of growth and success."