Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

May 18, 2009 09:00 ET

Precision Petroleum Corporation-Acquires Interest in Fifth Producing Lease-Sharon #1, Garvin County, Oklahoma

OKLAHOMA CITY, OKLAHOMA--(Marketwire - May 18, 2009) - PRECISION PETROLEUM CORPORATION (OTCBB:PPTO) (the "Company") advised that the Company has now successfully acquired its fifth producing lease. Today, the Company announces the purchase of a working interest in Sharon #1 which is located on the SW/4 of Section 5, T3N-R1E, Garvin County, Oklahoma. The Sharon well was drilled and completed to the top of the prolific Oil Creek Sandstone which has excellent horizontal and vertical permeability.

Richard Porterfield, Petroleum Geologist and President of the Company, stated that Sharon has significant potential whereby the lower portion of the Sandstone contains an estimated additional fifteen feet of pay zone. The Company intends to re-enter the well, and slightly deepen the remaining reservoir. The cost would not be significant; however the expected increase in production would provide a substantial payback.

Mr. Porterfield advises that the well will continue to produce as presently completed and that upon the advent of expected increases in oil prices, the lower section will be entered.

Precision Petroleum Corporation is an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in the United States. 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 www.precisionpetroleumcorp.com.

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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