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Precision Petroleum Corporation: Precision Petroleum Corporation-Negotiations Completed to Acquire Interest in Viola Limestone

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  Published in Stocks and Investing on Monday, June 8th 2009 at 1:41 GMT, Last Modified on 2009-06-08 01:41:50 by Market Wire
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OKLAHOMA CITY, OKLAHOMA--(Marketwire - June 8, 2009) - PRECISION PETROLEUM CORPORATION - (OTCBB:PPTO) - Richard Porterfield, Petroleum Geologist and President of Precision Petroleum Corporation (the "Company") stated that the Company has completed the purchase agreement for an interest in a Viola Limestone reservoir. The Viola formation is located in the Northeast Shawnee Field of Potawatomie County, Oklahoma.

Quinlan #2 in Section 19, T11N-R5E is currently producing from the Viola Limestone. In conjunction with its plans to assemble a multitude of producing and expansion leases, the Company recently acquired Quinlan #1, in an adjacent lease to this recent acquisition.

The Quinlan #2 was recently completed as a producing well from the Viola Limestone formation. Other potential reservoirs exist behind pipe such as the Hunton Limestone. This well will be engineered to ensure that production recoveries from all formations will be maximized.

Precision Petroleum Corporation is an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in the United States. 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 [ 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.