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| | Mooney, Alberta  Pearl currently has an average working interest of approximately 98% in over 70 sections in the Mooney field which is located in northcentral Alberta. Pearl (current project operator) originally had a 74% working interest in the area through the acquisition of Atlas Energy and subsequently acquired an additional 24% working interest through the July 2007 acquisition of Ravenwood Energy's interest in the project and lands. Mooney is a conventional heavy oil field which produces from the Bluesky sand formation. Higher recovery factors are expected as a result of the relatively low oil viscosity (16 degree API gravity) and the favourable reservoir characteristics which facilitate efficient oil flow. Pearl maps the potential area of the Mooney Bluesky heavy oil pool at approximately 31 sections. Stratigraphic test wells have been drilled on the west side of the field to evaluate the areal extent of the Bluesky accumulation. Additional stratigraphic test wells will be required in the future to further delineate the field. During 2007, a total of 27 new horizontal oil wells were drilled and placed on production. The average production for 2007 was 1,800 boe/d net to Pearl.The reservoir properties and the high quality oil also make the pool conducive to water flooding which is expected to further enhance recovery. A preliminary water flood simulation study showing higher secondary recoveries in the range of 13-19% has been prepared by independent reservoir engineering consultants. A water flood pilot project in this pool started in July 2006 after converting the original horizontal oil well in the pool to a water injector with current injection rates at approximately 1,200 barrels per day. Initial pressure response is being seen in the two offsetting oil producers. Pearl plans on expanding its water flood project area in 2008. Operational Updates 
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