Premium Petroleum Corp.: Successful Test on Boyne Lake Flowing Oil Sands Discovery
November 28 2007 - 9:45AM
Marketwired
CALGARY, ALBERTA is pleased to announce that the Company has
initial positive test results on the Viking gas zone in its most
recently drilled well referred to as Ashmont 9-22. Non steady state
flow rates were approximately 135 to 150 mcf per day. Additional
testing and analysis is being done to accurately estimate the
steady state production rate. Transportation and infrastructure is
near at hand.
As previously stated, additional seismic has been acquired and
along with the valuable core data from Ashmont 9-22, drilling
target(s) are being developed which will lead to additional
drilling in the near future.
The next step for the Company is to test the Oil Sands zone we
know exists (see previous news releases) in the Company's first
well referred to as Ashmont 14-15.
Bruce A. Thomson, B.A.Sc.; President & CEO states: "The
bonus of realizing a gas zone in our quest to delineate and produce
from our Flowing Oil Sands Discovery is valuable in mitigating our
risk, as it of itself should afford us a payback on well
costs."
About Premium Petroleum Corp.
Premium is set to exploit petroleum and natural gas reserves in
an environment of unprecedented commodity prices and under the
guidance of a highly qualified management and technical team.
Premium is an emerging junior oil and gas company financially
well connected, coupled with a strong management and technical team
focused on exploiting oil and gas reserves in the Western Canadian
Sedimentary basin to 6000 feet in depth. Management intends to
pursue a growth strategy through Land Assembly, Joint Ventures
(Farmin / Farmout), and Acquisitions. The Company has assembled a
seasoned team of managers and technical professionals in the areas
of geology, geophysics, engineering, and legal. With the depth of
the management and technical team we have assembled, Premium is
poised for aggressive asset growth and development.
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.
Contacts: Premium Petroleum Corp. Bruce A. Thomson, B.A.Sc.
President & CEO (403) 264-2710 Email:
brucethomson@premiumpetroleum.com Website:
www.premiumpetroleum.com
Premium Energy (CE) (USOTC:PPTL)
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