Precision Petroleum Corp (fka PPTO)

[dade]

As of September 30, 2010, there were fourteen (14) shareholders of record of our common stock.

There are presently 44,400,000 shares of common stock issued and outstanding.

some NIRTO joint venture jibber jabber

On January 27, 2009, the Company entered into a Participation Agreement with Nitro Petroleum Incorporated ("Nitro"), pursuant to which the Company obtained from Nitro the right to participate in Phase One of Nitro's Powder River Basin Project in Montana. Nitro acquired certain oil and gas leases in the Powder River Basin in Montana pursuant to a Memorandum of Understanding dated January 26, 2009 with REDS, LLC.

Pursuant to the terms of the Participation Agreement, Nitro is being carried to the tanks with respect to a 25% working interest in Phase One of the Powder River Basin Project. The Company is acquiring a 37.5% working interest in Phase One of the Powder River Basin Project in exchange for an agreement to pay 50% of the expenses of Phase One of the Powder River Basin Project. Additionally, the Company shall have the right to purchase up to a 37.5% working interest in Phase Two and Phase Three of the Powder River Basin Project upon substantially the same terms as Phase One. Nitro will be the operator of all wells drilled during Phase One of the Powder River Basin Project. As of September 30, 2010, the Company has paid $57,500 towards the participation agreement with Nitro Petroleum. The payments have been recorded in the financial statements as Participation deposits.

Since January 8, 2008, our stock has been quoted on the OTCBB reader under the symbol "PPTO"