Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

October 05, 2009 09:15 ET

Precision Petroleum Corporation Increases Working Interest in the Sharon No. 1 Well, Garvin County, Oklahoma

OKLAHOMA CITY, OKLAHOMA--(Marketwire - Oct. 5, 2009) - PRECISION PETROLEUM CORPORATION - (OTCBB:PPTO) - (Nevada Corp) Richard Porterfield, President, has advised that based on a recent geological and engineering survey of the Oil Creek Sandstone in Section 5 of T3N - R1E, Gavin County, Precision has elected under the previous agreement to increase its working interest in Sharon No. 1.

Porterfield mentions that the well information provides a strong indication of maximum porosity in the Sandstone. Accordingly the well will be re-entered to magnify the exposure of this formation to several times of the present open whole access. The Oil Creek Sandstone is recognized by industry as a prolific oil producing zone in Oklahoma. Precision has advised the operator to proceed with the enhancement.

Early this summer, Precision Petroleum advised that it would embark on an aggressive program to evaluate the technical potentials of the Oklahoma lease acquisitions. Upon completion of the Sharon well, Precision will proceed with the remaining locations.

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.

Contact Information