Premium Petroleum, Inc.

Premium Petroleum, Inc.

May 16, 2006 09:45 ET

RETRANSMISSION: Premium Petroleum, Inc. Adds Senior Petroleum Landman to its Management Team

CALGARY, ALBERTA--(CCNMatthews - May 16, 2006) - Premium Petroleum Inc. (PINK SHEETS:PPTL) is pleased to announce the appointment of Tom Walton, B.Com. as the company's Petroleum Landman, and also as an Advisory Board member.

With over 31 years of industry experience, and more than 50 clients, Tom has negotiated over $4 billion in acquisitions and mergers in the oil patch.

Tom graduated from the University of Manitoba with an honors degree in Commerce in 1971. In his career as a landman, Tom has been involved in several significant discoveries in the Western Canadian basins. He is a seasoned negotiator and an accomplished agreement writer. He began his career with Mobil Oil Canada, Ltd. in January, 1974. While at Mobil, he was mentored by several seasoned landmen and in 1977 he moved on to work with Forest Oil Corporation. After three years at Forest doing work in a variety of areas, he left to become a land consultant.

In his 25 years as a consultant, Tom has been employed by over 50 different clients and has performed all aspects of land work. Over the last 10 years he has been almost exclusively employed as an Acquisition and Divestiture expert and has closed sales involving over 4 billion dollars worth of oil and gas properties. In his consulting capacity he has worked in all provinces of Western Canada and more than 15 states in the United States of America. Tom continues his consulting practice in addition to fulfilling his duties with Premium.

The Company will be looking to Mr. Walton to advise and manage the legal documentation as needed to assist the Company in its exploration and development projects, acquisition opportunities, joint ventures, and grass roots land assembly opportunities in accordance with the stated objectives set out by the Company.

Bruce Thomson, President & CEO, states, "The biggest asset of any successful oil and gas company is the quality of its people."

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:

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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