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Precision Petroleum Corporation: Precision Petroleum Corporation-Acquires Overriding Royalty Interest (ORRI) in Two Adjoining F

^{Published on 2009-08-14 06:33:37, Last Modified on 2009-08-14 06:33:54 - Market Wire}
 

OKLAHOMA CITY, OKLAHOMA--(Marketwire - Aug. 14, 2009) - Precision Petroleum Corporation (the "Company") (OTCBB:PPTO) continues to extend its oil production expansion program.

Richard Porterfield, President, advises that the Company has recently acquired Overriding Royalty Interests in two adjacent leases, East and West Moreland located in Nowata County, Oklahoma. The Moreland leases consist of 14 producing wells from the Bartlesville Sand including a SWD waste water injection facility.

Mr. Porterfield advises that the extra bonus on Moreland lies in the secondary recovery potential. As a result of the shallow geology, artificial reservoir enhancement will be very cost efficient. Engineering is being prepared to convert strategic wells within the group into injectors. Water recovered from production will be pressure re-injected into the Bartlesville formations to beef up the reservoir pressures.

Porterfield states that this secondary program could potentially more than double the existing recoverable and probable reserves.

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.