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OKLAHOMA CITY, OKLAHOMA--(Marketwire - June 24, 2010) - PRECISION PETROLEUM CORPORATION (Nevada Company), Precision Petroleum Corporation (OTCBB:PPTO) (the "Company") is pleased to announce an engineering and technical update on the Quinlan #1 and #2 wells.

The two Quinlan wells which are located in the Northeast Shawnee Field in Pottawatomie County, Oklahoma, have recently undergone significant upgrades which have led to a considerable uptick in daily production rates.

The Company has significant working interests in both wells. As a consequence of the remedial work-over, the Quinlan #2 well has increased from 2 barrels to 13 barrels per day. The engineers advise that the increase can be sustained and perhaps increased further from this position as result of the technical improvements.

The Quinlan #1 well also had a recent remedial completion which converted this well from a salt water disposal well to a production position from the Viola Limestone. Quinlan #1 is producing 7 to 8 barrels per day from the Viola and compliments the recovery program from this lease.

In addition, engineers advise that the Hunton Limestone is behind pipe in Quinlan #1 and will be accessed and completed as the Viola is depleted.

Richard Porterfield, President and Petroleum Engineer comments that Precision now has 18 wells in the Oklahoma area in production and the Company is actively seeking further petroleum acquisition opportunities.

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.