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Precision Petroleum Corporation: Precision Petroleum Corporation-Acquires Interest in Quinlan #3, Pottawatomie County, Oklahoma

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  Published in Stocks and Investing on Tuesday, June 9th 2009 at 13:12 GMT, Last Modified on 2009-06-09 13:13:32 by Market Wire
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OKLAHOMA CITY, OKLAHOMA--(Marketwire - June 9, 2009) - Precision Petroleum Corporation (OTCBB:PPTO) (the "Company") has acquired an interest in Quinlan #3 in the NE/4 of Section 19, T11N-R5E, Pottawatomie County, Oklahoma. This well produces oil and gas from the Hunton Limestone and the Simpson Dolomite which are the primary producing formations in the field.

At an opportune time, Quinlan #3 will also be tested for the Viola Sandstone which is also a predominant reservoir in this location. The Company has now completed the acquisition program in the Quinlan area in which 3 locations Quinlan 1, 2 and 3 have been assembled.

Richard Porterfield, President, advises that the 3 leases have SWD systems available which is a major economic factor. In addition to the current producing zones, these wells possibly contain additional petroleum reserves to test with further step outs on designated locations.

The Company is currently finalizing the operating agreements for the Quinlan leases and its other acquisitions. The Company will also continue to seek additional productive locations with development potential. Porterfield states that with recent advances in crude oil prices which are now in excess of 65 dollars per barrel, it becomes essential that further prospects be sought out and reviewed.

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.