Palisades Petroleum Corporation
PINK SHEETS : PAPT

Palisades Petroleum Corporation

April 16, 2007 17:16 ET

Palisades Petroleum Corporation: Agreement for Sale and Purchase

RENO, NEVADA--(CCNMatthews - April 16, 2007) - The Directors of Palisades Petroleum Corporation (PINK SHEETS:PAPT) are pleased to announce they are negotiating to complete an Agreement for Sale and Purchase of an Oil & Gas Property lease at Cedar Creek, Fallon County, Montana, USA and Bowman County, North Dakota, USA (Eastern Montana/Western North Dakota).

The properties represent an opportunity to target the Red River "B" Oil and the shallower Cretaceous Zones of the Eagle and Niobrara. Adjoining properties have experienced recent success in drilling horizontally to these targets. The Red River formation (Ordovician Oil) will be drilled to 9000' vertical depth with Horizontal Drilling and the Eagle; Niobrara formations (upper Cretaceous gas) to 2000' Vertical Depths.

The company will acquire an 80% Net Revenue Interest.

The corporate strategy to acquire additional development projects is on target, as per announced in the companies News Release dated April 24, 2006. PAPT's management team and its industry analysts continue to evaluate a number of advanced properties.

2007 is scheduled to be a very exciting year of drilling for production and advanced property acquisitions.

Further information on the progress of the Company's activities will be presented on a timely basis.

Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and seismic reports; the ability to close the acquisition of Oil and Gas exploration properties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Palisades Petroleum Corporation filings with the Pink Sheets LLC and may be accessed at http://www.pinksheets.com.

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