Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

April 30, 2011 01:14 ET

Precision Petroleum Corp.: Clarification on Montana Farmout Prospects


Precision Petroleum Corporation and its partners have entered into an agreement with CAVU Resources Incorporated to sell 50% ownership in our Montana prospect in the Powder River Basin which consists of 1600 acres. This project will allow CAVU Resources Inc. to drill ten new wells; five of these ten well locations have proven production offsetting Precision's acreage with coalbed methane gas opportunities for production from 700 feet through 7700 feet with the primary target being the tensleep formation with proven production with over 200,000 BBLS of oil from the tensleep formation. Precision is eager for CAVU Resources to start their drilling program. Richard Porterfield, CEO and President, believes this project is an excellent opportunity to acquire substantial oil and gas reserves. This will allow Precision Petroleum to continue developing their oil and gas properties in Oklahoma which they currently own interest in over 26 producing properties and are in negotiations to acquire new oil and gas prospects in Oklahoma.


Precision Petroleum Corporation is an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in North America. Precision's objective is to seek out and develop opportunities in the oil and natural gas sectors that represent a low risk opportunity. As well, Precision aims to define larger projects that can be developed with Joint Venture Partners. More information about the company is available at;

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company does not intend to, and undertakes no duty to, update any such forward looking statements to reflect the impact of circumstances or events that arise after the date such forward looking statements were made.

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