REPEAT/Premium Petroleum, Inc. Announces Drilling Success on Boyne Lake Gas Prospect-Tight Hole Status
Premium Petroleum, Inc. (PINK SHEETS:PPTL message board, news, quote, dd) is pleased to announce that the Boyne Lake Gas Prospect drilling has progressed to TD (total depth) of 561 meters (1,841 feet). Management is encouraged with the findings and hence the well has been cased with production casing.
Schlumberger has concluded running a suite of multiple logs as prescribed by our geologist. Our technical team will analyze the logs within the next 10 to 20 days and a completion and testing program will be designed. Completion and testing will occur over the next 60 to 90 days.
The well is on "tight hole" (confidential) status for up to 12 months.
Bruce A. Thomson, B.A.Sc.; President & CEO states "We are excited about this asset becoming a potential cornerstone to our company's growth".
Premium Petroleum, Inc. Announces Drilling Success on Boyne Lake Gas Prospect-Tight Hole Status
Premium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased to announce that the Boyne Lake Gas Prospect drilling has progressed to TD (total depth) of 561 meters (1,841 feet). Management is encouraged with the findings and hence the well has been cased with production casing.
Schlumberger has concluded running a suite of multiple logs as prescribed by our geologist. Our technical team will analyze the logs within the next 10 to 20 days and a completion and testing program will be designed. Completion and testing will occur over the next 60 to 90 days.
The well is on "tight hole" (confidential) status for up to 12 months.
Bruce A. Thomson, B.A.Sc.; President & CEO states "We are excited about this asset becoming a potential cornerstone to our company's growth".
Premium Petroleum, Inc. Announces Boyne Lake Gas Prospect Drilling has Progressed to a Depth of 1,056 Feet or 322 Meters
Premium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased to announce that the Boyne Lake Gas Prospect drilling has progressed to a depth of 1,056 feet or 322 meters. The anticipated Total target Depths is approximately 1,837 feet or 560 meters.
As previously stated, according to the company's geophysical consultant's interpretation of the seismic, two drill target anomalies exist on the property. Seismic evidence collaborates our original geologic assumptions indicating the presence of multi zone targets, i.e. three zones in one drill target and two in the other. The zones are referred to as: Upper Grand Rapids A sand, Upper Grand Rapids B sand, and the Viking sand.
Bruce A. Thomson, B.A.Sc., President & CEO states, "We are excited about the possibility of achieving success similar to the neighbor's well 3/4 of a mile away which tested 3.4 mmcf/day AOF (million cubic feet per day, absolute open flow)."
REPEAT/Premium Petroleum, Inc.: Drilling Progresses to 374ft or 114m on Boyne Lake Project
Premium Petroleum Inc. (PINK SHEETS:PPTL) is pleased to announce that drilling is progressing on the Boyne Lake gas prospect. The drill bit was at about 374 feet or 114 meter depth this morning and drilling surface hole. The drilling is expected to take several days, barring any unforeseen issues.
As previously reported, the seismic program on this prospect was comprised of three seismic lines for a total of 8.6 km (5.4 mi). The lines tie in the neighbor's successfully tested well (3.4 million cubic feet of gas per day absolute open flow) three quarters of a mile northwest of the property and in addition, also incorporate parts of two neighboring sections along with the company owned section comprising the Boyne Lake Prospect. This prospect is approximately 45 miles from Athabasca, Alberta.
"Again good luck has been on our side as we got the rig erected before about one foot of snow that fell in Boyne Lake area prospect this week," commented Bruce A. Thomson, B.A.Sc.; President & CEO. "We also have been fortunate to obtain a rig commitment within a three week time frame. In these times of high rig demand, it is not uncommon for a company to wait sometimes months to obtain a rig," concluded Thomson.
Premium Petroleum, Inc.: Drilling Progresses to 374ft or 114m on Boyne Lake Project
Premium Petroleum Inc. (PINK SHEETS:PPTL) is pleased to announce that drilling is progressing on the Boyne Lake gas prospect. The drill bit was at about 374 feet or 114 meter depth this morning and drilling surface hole. The drilling is expected to take several days, barring any unforeseen issues.
As previously reported, the seismic program on this prospect was comprised of three seismic lines for a total of 8.6 km (5.4 mi). The lines tie in the neighbor's successfully tested well (3.4 million cubic feet of gas per day absolute open flow) three quarters of a mile northwest of the property and in addition, also incorporate parts of two neighboring sections along with the company owned section comprising the Boyne Lake Prospect. This prospect is approximately 45 miles from Athabasca, Alberta.
"Again good luck has been on our side as we got the rig erected before about one foot of snow that fell in Boyne Lake area prospect this week," commented Bruce A. Thomson, B.A.Sc.; President & CEO. "We also have been fortunate to obtain a rig commitment within a three week time frame. In these times of high rig demand, it is not uncommon for a company to wait sometimes months to obtain a rig," concluded Thomson.
Premium Petroleum, Inc.: Drilling Commences on Boyne Lake Project
Premium retains Schlumberger as its well logging company.
Premium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased to announce that it has secured a drill rig for the Boyne Lake gas prospect from Legend Drilling Ltd. of Red Deer, Alberta and the unit has been mobilized to the Boyne Lake Site. Drilling is expected to commence shortly on this gas prospect. It is anticipated to take several days to drill and complete the well.
Schlumberger, an internationally recognized quality logging company, has been retained to provide the logging services for the well. Log and test results will follow shortly.
Bruce A. Thomson, B.A.Sc.; President & CEO, states "due to the networking of our team of professionals, we have been fortunate to obtain a service rig commitment within a three week time frame. In these times of high rig demand, it is not uncommon for a company to wait sometimes months to obtain a service rig!".
REPEAT/Premium Petroleum, Inc.: Well Location Survey on Boyne Lake Project Completed-The Next Step is to Obtain the Well Licence
Premium Petroleum, Inc. (PINK SHEETS:PPTL) has engaged a survey firm to survey the access road and drilling pad, which has now been completed and filed with the government. Approvals have also been obtained which include: the surface lease from the farmer, county access permission, and phone company approval to cross their buried lines.
Bruce A. Thomson, B.A.Sc.; President & CEO, states, "I am pleased with the project progress, which is a credit to our quality management team and supporting contractors."
Premium Petroleum, Inc.: Well Location Survey on Boyne Lake Project Completed-The Next Step is to Obtain the Well Licence
Premium Petroleum, Inc. (PINK SHEETS:PPTL) has engaged a survey firm to survey the access road and drilling pad, which has now been completed and filed with the government. Approvals have also been obtained which include: the surface lease from the farmer, county access permission, and phone company approval to cross their buried lines.
Bruce A. Thomson, B.A.Sc.; President & CEO, states, "I am pleased with the project progress, which is a credit to our quality management team and supporting contractors."
REPEAT/Premium Petroleum, Inc. Announces Positive Seismic Results on its Boyne Lake Gas Prospect-Two Drill Targets Apparent
Premium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased to announce positive seismic results on its Boyne Lake Gas Prospect. According to the company's geophysical consultant's interpretation of the seismic, two drill target anomalies exist on the property. Seismic evidence collaborates our original geologic assumptions indicating the presence of three zones in one drill target and two in the other. The zones are referred to as: Upper Grand Rapids A sand, Upper Grand Rapids B sand, and the Viking sand.
The well-respected consulting firm of Petrel Robertson Consulting Ltd. was engaged by Premium for processing and interpreting the seismic program. The objective of the seismic program was to create a picture of the geologic structure, which will assist in determining the optimum drill location(s).
Furthermore, the seismic result has indicated which adjacent lands the company should undertake to acquire in order to expand the play.
The next steps are to survey in the first drill location and obtain approvals.
The seismic program was comprised of three seismic lines for a total of 8.6 km. The lines tie in the neighbor's successfully tested well (3.4 mmcf/day AOF - absolute open flow) three quarters of a mile NW of our property and in addition also incorporate parts of two neighboring sections along with the Company owned section.
Bruce A. Thomson, B.A.Sc.; President & CEO states, "The seismic program has achieved its objective which was to collaborate our geologic assumptions by showing the geologic structure thus increasing the probability of drilling success from an estimated 35% to an estimated 70%; and in addition, guide us as to what land to target for acquisition in order to expand the play."
About Premium Petroleum, Inc.
Premium is set to exploit petroleum and natural gas reserves in an environment of unprecedented commodity prices and 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, engineering, and legal. With the depth of the management and technical team Premium has assembled, Premium is poised for aggressive asset growth and development.
For more detail about the company, its management, and projects, please refer to our web site: www.premiumpetroleum.com.
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.
Premium Petroleum, Inc. (PINK SHEETS:PPTL)
Premium Petroleum, Inc.
Bruce Thomson
President/CEO
(604) 836-2292
bruce@thomson.org
www.premiumpetroleum.com
