PPTL Premium Energy Corporation (CE)

Premium Petroleum Corp. (PINK SHEETS: PPTL) continues to pursue financing alternatives. Debt, equity, and joint venture options are being reviewed.

The financing proceeds will be used to: equip and tie-in our Viking gas well (9-22); (approximately 1100 yards to the tie-in point), to test, complete, equip, and tie-in our Upper Grand Rapids Flowing Oil Sands well (14-15); to expand our drilling program; and for general working capital purposes.

It is anticipated that the gross cash flow from these two wells could exceed $70,000 per month at current commodity prices.

Bruce A. Thomson, B.A.Sc.; President & CEO states: "In spite of oil price decline, our discovery remains economic due to the fact that the specific gravity of our oil is such that it will "cold flow", which permits conventional recovery methods to be utilized. We are fortunate as a junior company to not only to have approximately 15,000 acres in Oil Sands lands but also to have made a new pool Flowing Oil Sands Discovery."

About Premium Petroleum Corp.

Premium is set to exploit petroleum and natural gas reserves in an environment of lower but still economic commodity prices 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