News for 'PPTO' - (CORRECTION FROM SOURCE: Precision Petroleum Corporation Reworks Programs, Enhances Production and Cash Flow)
OKLAHOMA CITY, OKLAHOMA, Feb 07, 2011 (MARKETWIRE via COMTEX) -- The following corrects and replaces the release previously disseminated today, Feb. 7, 2011 at 4:48pm ET for Precision Petroleum Corporation (OTCBB: PPTO). In the second paragraph, the number of active wells in the region has been corrected to 26 and there is a quote from Richard Porterfield, President and CEO, added to the release.
Precision Petroleum Corporation is pleased to announce that it has participated in a 7 well producing and development project. The operator has completed the first phase of restoring production successfully. The project is currently producing approximately 12-15 BOPD. The Company now has plans to re-complete The Plummer #1 & #2 wells in the Viola Lime and expects to increase its production and in turn the company's revenue considerably.
Precision Petroleum Corporation is actively exploring and producing projects in the state of Oklahoma. Currently the Corporation has 26 active wells in the region.
Precision Petroleum Corporation has also entered into a joint venture agreement which grants the company first right of refusal on Montana based oil, gas and coal properties. Phase 1 of this project is a 1,600 acre plot with a focus on developing after an in depth engineering program. From data obtained by the engineering program results, this 1,600 acre is where management intends to drill the first 10 wells.
Richard Porterfield, President and CEO states that, "With this 7 well acquisition and once recompleted we feel the company will be on a continued path that will enhance production, revenue and shareholder value."
Precision Petroleum Corporation is an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in North America. 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; http://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.
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