Palisades Petroleum Corporation
PINK SHEETS : PAPT
FRANKFURT : 3X2

Palisades Petroleum Corporation

September 23, 2009 16:00 ET

Palisades Petroleum Announces a Joint Venture With Kinti Mining Limited

RENO, NEVADA--(Marketwire - Sept. 23, 2009) - Palisades Petroleum Corporation (PINK SHEETS:PAPT)(FRANKFURT:3X2)(WKN:AOMV8B) announces a Joint-Venture with Kinti Mining Limited (PINK SHEETS:KMLD)(FRANKFURT:A11).

Richard Byrd, CEO of Palisades Petroleum, is pleased to announce that a Joint-Venture has been entered into with Kinti Mining Limited on an adjacent gold property in Guyana.

Palisades Petroleum's property in Guyana borders Kinti Mining's property. The Agreement provides for Palisades to mine the property in exchange for half of the net production of gold and diamonds. In addition, Kinti will become a minority shareholder in Palisades.

Richard Byrd states, "Palisades will be able to achieve economies of scale by mining its property in conjunction with Kinti's. This will lower our unit costs for the production of gold and diamonds. This second acquisition has also made us more attractive to potential institutional investors."

"Leslie Rutledge wanted to be sure the Company was set up with a good opportunity to proceed forward and flourish before stepping down and resigning. I have an in-depth knowledge of Palisades' property from my prior extensive due diligence on the adjacent Kinti property," adds Richard.

We would like to thank Ms. Rutledge for her service with the Company in the recent challenging times and extend our best wishes and good fortune in her future endevours.

The Company looks forward to updating shareholders on our mining operations in the near future.

Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and seismic reports; the ability to close the acquisition of Oil and Gas exploration properties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Palisades Petroleum Corporation filings with the Pink Sheets LLC and may be accessed at www.pinksheets.com.

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