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Precision Petroleum Corporation: Precision Petroleum Corporation-Acquires Overriding Royalty Interest (ORRI) in the Farley Leas

^{Published on 2009-08-21 08:11:59, Last Modified on 2009-08-21 08:12:00 - Market Wire}
 

OKLAHOMA CITY, OKLAHOMA--(Marketwire - Aug. 21, 2009) - PRECISION PETROLEUM CORPORATION - (OTCBB:PPTO) - Precision Petroleum Corporation (Nevada Company) (OTCBB:PPTO). Precision Petroleum Corporation (the "Company") has concluded the purchase of a further overriding royalty interest (ORRI) in the Farley Lease, located in Nowata County Oklahoma. This override includes 6 producing wells and a SWD waste water injection bore. In addition, the Company acquired ORRI interests in two fields adjacent to Farley. Both leases produce from the Bartlesville Sand.

The Company intends to initiate a comprehensive water flood and well bore remedial program on the entire area. Richard Porterfield, Petroleum Geologist and President stated that the Engineering proposals are presently being prepared which will convert strategic well bores to injection for reservoir enhancement. He further noted that these remedial workout studies indicate that the recoverable oil potential should increase. Work is expected to commence on this project as soon as possible.

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.