Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

June 04, 2009 09:01 ET

Precision Petroleum Corporation-Announces Re-Completion Work of Sharon No. 1 Well

OKLAHOMA CITY, OKLAHOMA--(Marketwire - June 4, 2009) - PRECISION PETROLEUM CORPORATION - (OTCBB:PPTO) - Precision Petroleum Corporation (Nevada Company) (the "Company") has been advised by its technical consultants that a re-completion and deepening of the Sharon #1 well should enhance the production capacity. The Sharon well located in Garvin County, OK. was initially completed in the Oil Creek Sandstone.

Richard Porterfield, President and also a Petroleum Geologist, stated that he agrees with this recommendation and that the re-entry should double the open hole exposure to this prolific Sandstone reservoir. Mr. Porterfield also stated that current re-completion technology enables the operator to stimulate the existing pay-zone in addition to the reservoir expansion. The project will commence in late June.

The recent major upturn in crude oil and other commodity values is a major incentive to proceed with a comprehensive technical analysis for all of the Company's nine producing leases, to examine well enhancements and step-out drilling programs.

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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