Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

May 01, 2009 16:00 ET

Precision Petroleum Corporation-Acquires Working Interest in the Quinlan #1 Located in Pottawatomie County, Oklahoma

OKLAHOMA CITY, OKLAHOMA--(Marketwire - May 1, 2009) - PRECISION PETROLEUM CORPORATION (OTCBB:PPTO) - Richard Porterfield, Petroleum Geologist and President of Precision Petroleum (the "Company") advised that the company in keeping with its acquisition plans to acquire producing leases with development potential has acquired a working interest in the Quinlan #1 located on the NW/4 of Sec 19. T11N-R5E, in Pottawatomie County, Oklahoma. A five year producer from the Hunton Limestone reservoir, this lease has been a constant producer with a per month average of 250 barrels.

The Company continues to maintain its search for attractive production leases in Oklahoma and in various Canadian locations.

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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