Stocks & Investing
Stocks and Investing
Stocks and Investing
Fri, June 26, 2009
Thu, June 25, 2009 Precision Petroleum Corporation: Precision Petroleum Corporation-Acquires Working Interest in the Ward/McNeil #1 Well, Garvin C
OKLAHOMA CITY, OKLAHOMA--(Marketwire - June 25, 2009) - PRECISION PETROLEUM CORPORATION (OTCBB:PPTO) - Precision Petroleum Corporation (Nevada Company) (the "Company") has recently completed the purchase of a working interest in an oil and gas lease in Garvin County, Oklahoma.
Ward/McNeil #1 represents the 13th working interest purchased by the Company over the past 2 months.
This well was initially completed in the Basal Pennsylvanian Sandstone/Viola Limestone reservoirs after a minor frac entry into these formations.
The well was producing approximately 12 barrels of oil and 100 MCF of natural gas per day after the initial treatment. The Company intends to re-enter these formations with a major frac which should substantially increase the production capacity of the reservoirs.
Richard Porterfield, Petroleum Geologist and President, is pleased with this acquisition. Although the well is presently considered a minor producer, we anticipate that we will be able to quickly recover our investment and extended profits after the re-completion is finalized.
Mr. Porterfield also stated that he and other oil and gas consultants are presently assessing the acquisition of a 6 well producing package. This operation also has an abundance of spacing for a further 6 well expansion development, with multiple reservoirs. In view of current commodity prices, this addition would be a major boost to the Company's cash flow and bottom line profits. Negotiations have commenced during which various technical analysis examinations and reservoir evaluation programs by the Company are underway.
Precision Petroleum Corporation is an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in North America. 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.
