Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

January 28, 2011 16:00 ET

Precision Petroleum Corporation Announces Recompletion on the McNeil #1

SHAWNEE, OKLAHOMA--(Marketwire - Jan. 28, 2011) - PRECISION PETROLEUM CORPORATION (OTCBB:PPTO) -

Precision Petroleum Corporation, who owns a 10% WI in the McNeil #1 in Section 27, T3N, R1W in Garvin County, Oklahoma, has been notified by the operator of record that they are preparing to reenter the well to complete the Viola Fernvale Limestone. Initially, the well was completed in July of 2006 in the Viola Detrital from 4466 to 4486' (20') with resulting production of 15-20 BBL/day and 40-50 MCFD, but quickly declined to a stripper well due to a limited reservoir. The recompletion in the Viola Fernvale Limestone will require acidizing and fracture treatment of the Limestone Reservoir with the workover appearing to be very encouraging due to production in a nearby offset in the NE/4 of Section 28, 3N-1W, Garvin County. Production from the well from the Viola Fernvale Limestone has cummed 28,445 BBLs of oil with 152,973 MCF as of November 30, 2009. Precision Petroleum Corporation is anticipating the results of the recompletion within the next 10 days with hopefully representative production as in the nearby producing well. We will keep you posted on the results.

Precision Petroleum Corporation is an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in North America. 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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