Premium Petroleum Corp.

Premium Petroleum Corp.

November 06, 2007 09:45 ET

Premium Petroleum Corp.: Service Rig Mobilizing for Testing on Boyne Lake Flowing Oil Sands Discovery

CALGARY, ALBERTA--(Marketwire - Nov. 6, 2007) - Premium Petroleum Corp. (PINK SHEETS:PPTL) is pleased to announce that the Company has a service rig committed for this week for the completion and testing of its most recently drilled well referred to as Ashmont 9-22.

There are two potential zones: the lower zone and primary target being the potential oil sands referred to as the Upper Grand Rapids, and the up-hole zone referred to as the Viking is a potential gas zone.

Bruce A. Thomson, B.A.Sc.; President & CEO states: "As oil continues its surge toward $100 per barrel, and given our Company's substantial land position, management's optimism regarding building reserves in the Company and resulting shareholder value remains strong."

About Premium Petroleum Corp.

Premium is set to exploit petroleum and natural gas reserves in an environment of unprecedented commodity prices and under the guidance of a highly qualified management and technical team.

Premium is an emerging junior oil and gas company financially well connected, coupled with a strong management and technical team focused on exploiting oil and gas reserves in the Western Canadian Sedimentary basin to 6000 feet in depth. Management intends to pursue a growth strategy through Land Assembly, Joint Ventures (Farmin / Farmout), and Acquisitions. The Company has assembled a seasoned team of managers and technical professionals in the areas of geology, geophysics, engineering, and legal. With the depth of the management and technical team we have assembled, Premium is poised for aggressive asset growth and development.

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the Company and its operations, are included on certain forms the Company files with the Securities and Exchange Commission.

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