Premium Petroleum, Inc.
PINK SHEETS : PPTL

Premium Petroleum, Inc.

June 05, 2006 09:45 ET

Premium Petroleum, Inc.: Acquires Additional Zone on Boyne Lake Prospect

CALGARY, ALBERTA--(CCNMatthews - June 5, 2006) - Premium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased to announce that it has acquired production rights to an additional zone on the Boyne Lake prospect in Alberta Canada. Based on data collected throughout the drilling stage it was decided to purchase the rights for this zone.

Due to wet weather conditions, the company has not been able to mobilize equipment onto the property to complete the well testing. The company anticipates the two zones will be tested within the next 30 days.

As previously mentioned, the well is still on tight hole status, and therefore information regarding the testing results will not be released until a future date.

The company anticipates that in the coming months it will be successful in acquiring prospective crown oil and gas lease(s) with significant upside potential.

The company also continues to review potential joint venture opportunities with third parties.

Bruce A. Thomson, B.A. Sc., President & CEO, states, "we are pleased that the potential of this project has expanded."

About Premium Petroleum, Inc.

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, engineering, and legal. With the depth of the management and technical team we have assembled, Premium is poised for aggressive asset growth and development.

For more detail about the company, its management, and projects, please refer to our web site: www.premiumpetroleum.com.

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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