Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

July 14, 2009 10:10 ET

Precision Petroleum Corporation-Acquires Interest in Quinlan No. 4, Pottawatomie County, Oklahoma

OKLAHOMA CITY, OKLAHOMA--(Marketwire - July 14, 2009) - PRECISION PETROLEUM CORPORATION - (OTCBB:PPTO) - Precision Petroleum Corporation (Nevada Company - OTCBB:PPTO). Precision Petroleum Corp. (the "Company") has recently purchased an interest in Quinlan No. 4 located in Pottawatomie County, Oklahoma. This well was initially completed as an oil producer, however, the reservoir was subsequently deemed noncommercial. The Company will utilize the well for salt water disposal for the other Quinlan wells that the Company owns an interest. This purchase was essential for the operational economics of the entire Quinlan lease. Quinlan No.'s 1, 2 and 3 are all viable producers; however, the disposal of salt water is a significant cost factor. The reduced cost of disposal will be significant.

Richard Porterfield, President mentions that salt water is a common result with most producing wells in this area of Oklahoma. Owning a field disposal well is of extreme importance for the continued profitability of the producing wells. Porterfield states that the alternative is to accumulate waste water, transport it to a disposal facility and pay to have it injected. This cost can be prohibitive.

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;

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.

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