Palisades Petroleum Corporation
PINK SHEETS : PAPT

Palisades Petroleum Corporation

March 28, 2007 09:01 ET

Palisades Petroleum Corporation: North Buffalo Gas Connection

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2007) - The Directors of Palisades Petroleum Corporation (PINK SHEETS:PAPT) are pleased to announce recent developments on the North Buffalo Project in Chouteau County, Montana (USA).

A roustabout crew has connected Palisades' discovery well, the Seidler 173-10, to the proximate gas gathering system, and a gas shack has been installed at the well location. Upon completion of the related sales contract, the first deliveries from the well should commence.

The Seidler well was the first well drilled in Palisades' North Buffalo shallow gas project area, and is a new field discovery. The initial production tested gas at 283,000 cubic feet per day from the First Bow Island sand at a depth of 762 feet.

Cline Production Company, the project operator, has permitted an initial offset well for the field, and other possible well locations throughout the project area are being studied.

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

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

Palisades Petroleum Corporation

Leslie Rutledge, President

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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