Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

February 25, 2011 09:15 ET

Precision Petroleum Corp.-Decreases Debt


Precision Petroleum Corporation has recently instituted a capital re-organization of its structure. The Company has decreased its total liabilities from $1.3 million usd as of September 30, 2010 to $531,000 usd. Based on the Company's January 6, 2011 economic evaluation, the study shows total proven reserves of future net income being $2,394,376 usd, thus removing any major obstacles to financing potentials. This debt share re-structure was approved by the Board of Directors of the Company.

Richard Porterfield, President, stated that, "We are very encouraged that the Company is currently in a very solid position to attract new capital and proceed with very attractive oil and gas acquisitions which are currently being reviewed. Precision is currently reworking their existing producing wells to increase its production and in turn increase revenue. The Company is also evaluating any possible future acquisitions as previously mentioned."


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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