Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

March 20, 2009 09:30 ET

Precision Petroleum Corporation-Acquires Interest in the Thompson #1 Well, Garvin County, Oklahoma

OKLAHOMA CITY, OKLAHOMA--(Marketwire - March 20, 2009) - Precision Petroleum Corporation (Nevada Company) (OTCBB:PPTO) (the "Company") is pleased to advise that as a continuation of the company's objectives to acquire proven and producing oil and gas leases, the Company has acquired an interest in the Thompson #1 well located on section 18, T4N-R2W, Garvin County, Oklahoma. The Thompson #1 was drilled in late 2005 and has produced an impressive 22,000 barrels of oil and 51 million cubic \ feet of natural gas to date. The Thompson well produces from the prolific viola limestone at a depth of 5300 feet. The company has been alerted by its petroleum technical advisors to drill a step-out to the existing wellbore which is a location between 2 existing producers.

Richard Porterfield, petroleum geologist and company president stated that the offset plan is scheduled for July 2009. We expect the new location to significantly increase the production from this lease. Mr. Porterfield further comments that because oil prices are now approaching 50 dollars per barrel and industry expectations suggest continued increases in that price, the dual well production will put the company in an optimum position to benefit from this project.

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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