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News for 'PPTL' - (Precision Petroleum Corporation-Announces Discovery of Deese Sandstone Formation in the Teresa #1 Oil Well, Garvin County, Oklahoma)
OKLAHOMA CITY, OKLAHOMA, Apr 17, 2009 (Marketwire via COMTEX) -- In a news
release Dated February 27, 2009, Precision Petroleum Corporation (the "Company")
(PINK SHEETS:PPTO) announced the purchase of an interest in a producing Viola
Limestone well, Teresa #1. The well is located at NW/4, of the SW/4 of Section
34, T4N-R2W, Garvin County, Oklahoma. Teresa #1 has been in production since
2004, and has produced in excess of 5,000 barrels of oil and 44,000 MCF of
natural gas. The Viola Limestone formation is a consistent oil & gas producer
and displays excellent porosity.
Richard Porterfield, Petroleum Engineer and President of the Company advises
that the Deese Sandstone formation, with a 25 foot pay zone, is also present in
the Teresa #1 well. The Deese Sandstone formation is above the Viola Limestone
and is behind pipe. As the Viola is depleted, the Company plans to perforate and
fracture the Deese reservoir which should substantially extend the well
reserves. Adjacent Deese wells have produced in excess of 40,000 barrels of oil.
Mr. Porterfield states that the presence of the Deese reservoir provides a major
economic opportunity for the C ompany over the next several years.
Precision Petroleum Corporation is an independent energy company engaged in the
acquisition, exploration and development of oil and natural gas properties in
the United States. Precision's objective is to seek out and develop
opportunities in the oil and natural gas sectors that represent a low risk
opportunity. As well, Precision aims to define larger projects that can be
developed with Joint Venture partners. More information about the company is
available at www.precisionpetroleumcorp.com.
Certain statements in this news release may contain forward-looking information
within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6
under the Securities Exchange Act of 1934, and are subject to the safe harbor
created by those rules. All statements, other than statements of fact, included
in this release, including, without limitation, statements regarding potential
future plans and objectives of the company, are forward-looking statements that
involve risks and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. The Company does not
intend to, and undertakes no duty to, update any such forward looking statements
to reflect the impact of circumstances or events that arise after the date such
forward looking statements were made.
SOURCE: Premium Petroleum Corp.
CONTACT: Precision Petroleum Corporation
1-405-722-2920
Email: info@precisionpetroleumcorp.com
&n bsp; Website: www.precisionpetroleumcorp.com
Copyright (C) 2009 Marketwire. All rights reserved.
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INDUSTRY KEYWORD: Energy and Utilities\Oil and Gas
SUBJECT CODE: OIL/GAS EXPLORATION UPDATE
Source: Comtex Wall Street News
are correct and here is verification
