Premium Energy Corp. (PPTL)

[69charger]

Here ya go...

CALGARY, Alberta--(BUSINESS WIRE)--Sept. 14, 2005--Premium Petroleum, Inc. (PINK SHEETS:PPTL - News) commissioned an internal engineering and geologic report on its Boyne Lake Gas Prospect, which is dated May 1, 2005. Based on oil at US$32 per barrel and gas at US$6.10 per Mscf, the net present value of Probable plus Possible Reserves discounted at 10% is US$4,391,530 per well.
At current prices, this would equate approximately US$8,000,000 per well.

Initial production rates are anticipated to be in the range of 0.5 to 1.0 MMscf per day, which at today's prices equates to a netback to the company of approximately US$90,000 to US$180,000 per month per well.

Bruce Thomson, President & CEO, states, "management sees the possibility given the success of the first well to drill 4 wells per section (640 acres), and also sees the possibility of acquiring two neighbouring sections; which could result in a potential 12 well program."

See www.premiumpetroleum.com for more details.