PPTL Stock: Premium Petroleum Corp.: Continues to Seek up to $5,000,000 in Financing to Tie-in Existing Wells and to Fund Additional Drilling
CALGARY, ALBERTA -- (Marketwire) -- 10/30/08 -- Premium Petroleum
Corp. (PINK SHEETS: PPTL stock) continues to pursue financing alternatives.
Debt, equity, and joint venture options are being reviewed.
The financing proceeds will be used to: equip and tie-in our Viking
gas well (9-22); (approximately 1100 yards to the tie-in point), to
test, complete, equip, and tie-in our Upper Grand Rapids Flowing Oil
Sands well (14-15); to expand our drilling program; and for general
working capital purposes.
It is anticipated that the gross cash flow from these two wells could exceed $70,000 per month at current commodity prices.
Bruce A. Thomson, B.A.Sc.; President & CEO states: "In spite of
oil price decline, our discovery remains economic due to the fact that
the specific gravity of our oil is such that it will "cold flow", which
permits conventional recovery methods to be utilized. We are fortunate
as a junior company to not only to have approximately 15,000 acres in
Oil Sands lands but also to have made a new pool Flowing Oil Sands
Discovery."
About Premium Petroleum Corp.
Premium is set to exploit petroleum and natural gas reserves in an
environment of lower but still economic commodity prices under the
guidance of a highly qualified management and technical team.
Premium is an emerging junior oil and gas company financially well
connected, coupled with a strong management and technical team focused
on exploiting oil and gas reserves in the Western Canadian Sedimentary
basin to 6000 feet in depth. Management intends to pursue a growth
strategy through Land Assembly, Joint Ventures (Farmin / Farmout), and
Acquisitions. The Company has assembled a seasoned team of managers and
technical professionals in the areas of geology, geophysics,
engineering, and legal. With the depth of the management and technical
team we have assembled, Premium is poised for aggressive asset growth
and development.
This news release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Act of 1934, as amended; such statements
are subject to risks and uncertainties that could cause actual results
to vary materially from those projected in the forward-looking
statements. The Company may experience significant fluctuations in
operating results due to a number of economic, competitive and other
factors. These factors could cause operations to vary significantly
from those in prior periods, and those projected in forward-looking
statements. Information with respect to these factors, which could
materially affect the Company and its operations, are included on
certain forms the Company files with the Securities and Exchange
Commission.
