Primary Petroleum Provides Operational Update in Montana
September 03 2008 - 10:00AM
Marketwired
Primary Petroleum Corporation (TSX VENTURE: PIE)(PINK SHEETS:
PETEF) ("Primary" or the "Company") is pleased to announce that the
interpretation of the additional five sq. mi. 3D seismic program on
its Teton prospect in Western Montana is now completed.
The new seismic confirms four new structures and delineates the
extent of the Sunburst pool discovered in the Highview 16-5 well.
Primary has now identified an additional eleven drilling locations
from its proprietary 3D seismic coverage of the Teton prospect.
The current Teton prospect represents approximately 17,000 net
acres of 125,000 acres which Primary holds in Teton and Pondera
counties.
Hycal Energy Research Laboratories was engaged to review the
results of the four wells drilled earlier this year. Primary has
completed the testing on three of these wells with two of the three
wells encountering hydrocarbons. The Highview 16-5 well has been on
production test since May 14, 2008 and is currently averaging
approximately 10 bopd. The Bynum 5-9 well tested gas with water
from the Madison formation and is currently shut in as a potential
Madison gas well. Completion and testing of the Bynum 7-34 well is
still pending. "Although results of the wells drilled to date have
been less than originally anticipated, the Company remains
cautiously optimistic on the long term viability of our Teton
prospect," states Mike Marrandino, President and CEO.
As mentioned in the news release dated July 3, 2008, the main
focus for the next quarter will be to evaluate the Company's 22,380
net acres, located in the Williston Basin, Daniels County, Eastern
Montana. This prospect off-sets the Cabaret Coulee field, which has
produced over 450,000 bbls of oil from the Mississippian McGown and
Mission Canyon Formations. Proposed drilling depths will average
7500 feet per well and will include evaluating the underlying
Bakken Formation. Prior to drilling, approximately 12 square miles
of 3D seismic will be shot and integrated with the existing 2D
seismic data to confirm drilling locations.
Primary is the operator on all of its Montana prospects. Its
leasing program is continuing based on its re-interpretation of
over 250 miles of 2D seismic and shooting approximately 25 sq. mi.
of 3D seismic over its lands. To-date, the Company has under lease
on its 7 prospects in excess of 340,000 net acres which are subject
to 12.5% to 15% overriding royalty on fee simple lands and 16.67%
on state leases.
About Primary Petroleum Corp.: Primary is a growing oil and gas
company actively engaged in exploration and development activities
in Montana and Alberta with its head office located in Calgary.
Primary's management and technical team include accomplished oil
and gas exploration and development personnel, with extensive
experience. The Company's mandate is to continue to acquire oil
& gas prospects of merit in the Sedimentary Basin of the
Western United States and Canada.
To find out more about Primary Petroleum Corporation visit our
website at www.primarypetroleum.com.
This news release has been prepared by management.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Primary Petroleum Corp. Mike Marrandino President
& CEO (403) 262-3132 Email: mike@primarypetroleum.com Primary
Petroleum Corp. Nancy Massicotte Investor Relations 1-866-503-3377
Email: nance@primarypetroleum.com Website:
www.primarypetroleum.com
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