Premium Energy Corp. (PPTL)

[A44975]

Greg:

As a public Accounting Auditor, I know that if you have over 250 investors (as required by Federal Laws and rules issued by FASB board of the AICPA) all public traded companies, even if it's pink sheets, must file and issue financials. Here we clearly disagree.

Concerning leases. On Sept 19, 2007 PPTL issued a PR, below is copy of this PR.

CALGARY, ALBERTA--(MARKET WIRE)--Sep 19, 2007 -- Premium Petroleum Corp. (Other OTC:PPTL.PK - News) is pleased to announce that the Company has acquired an additional 17 sections of land adjacent to and in the vicinity of its Boyne Lake Flowing Oil Sands discovery. The Company now owns 18 sections, 11,520 acres, of Crown Oil Sand licences; with a term of 15 years.

In collaboration with geologic mapping and seismic interpretation, the Company identified lands that were of interest to acquire in order to expand its Boyne Lake Flowing Oil Sands discovery. Consequently, during the company's "tight hole" status last year, the Company posted lands for sale at two land sales, one in July and one in August. As a result, the Company was successful in acquiring 17 sections of Crown Oil Sand licences (15 year duration), increasing the Company's holdings to 11,520 acres of Crown Oil Sand licences adjacent to and in the vicinity of its Boyne Lake Flowing Oil Sands discovery.

Now sure reads to me that they are leasing the 11,520.00 acres of land (They didn't buy it). That means when those leases expire, PPTL and it's share holders are left with nothing. So as long as they don't produce, we are losing both time and money! Nowhere is there a statement that they can renew these leases (from what it looks like they had purchased at an auction, which means the original owner will either keep the property or reauction once those leases expire).

Also the very last paragraph of this artice issued by PPTL state they are following SEC regulation-see below. As I stated, if they are following these regulations, where are the financials? I know I sent both email and left phone messages for my copy of financials. Lastly most public traded companies assign one individual to handle stock holders questions, I don't see that with PPTL!

"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.



Contact:
Contacts:
Premium Petroleum Corp.
Bruce A. Thomson
President & CEO
[phone]
Email: [e-mail]
Website: http://www.premiumpetroleum.com"



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Source: Premium Petroleum Corp.