Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

May 18, 2009 16:00 ET

Precision Petroleum Corporation-Acquires Working Interest in the Crown Lease, Pottawatomie County, Oklahoma

OKLAHOMA CITY, OKLAHOMA--(Marketwire - May 18, 2009) - PRECISION PETROLEUM CORPORATION (OTCBB:PPTO) - Richard Porterfield, Petroleum Geologist and President of Precision Petroleum Corporation (the "Company"), advised that the Company has finalized negotiations on a petroleum lease acquisition as a continuation of the Company's lease assembly project. The purchase of the Crown lease in Pottawatomie County, Oklahoma provides oil production and a drilling prospect.

This lease has two producers and an approved salt water disposal (SWD) well. The existence of a SWD well is critical in order to maintain oil production. The Company's goal with the Crown lease is to secure the opportunity to drill a horizontal well into the Hunton Reservoir. A major oil corporation has completed a horizontal into the Hunton Limestone within one section to the southwest of the Crown lease. Records from this successful horizontal indicate substantial oil and natural gas production.

Richard Porterfield, President, suggests that a similar success well on the Crown lease is probable. The Company would either drill the location or seek a farm in and retain a joint interest.

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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