Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

June 01, 2009 09:01 ET

Precision Petroleum Corporation-Closes Acquisition of Heath #1 Well, Located in Seminole County, Oklahoma

OKLAHOMA CITY, OKLAHOMA--(Marketwire - June 1, 2009) - PRECISION PETROLEUM CORPORATION (OTCBB:PPTO) - Precision Petroleum Corporation (the "Company") has advised that the Company has acquired a substantial interest in a very successful well which was recently completed in the Hunton Limestone. The well located in Seminole County is in the South Wewoka Field, SE/4, and Section 31-T8N-R8E. Heath #1 is adjacent to the Karsyn #1 well which has also been recently acquired. Heath #1 had attained maximum flow rates of 85 bbls per day and has now been cut back to approximately 30 bbls per day and 30,000 CFG/D. These Hunton Limestone wells are known for their longevity while accruing substantial reserves. This well holds 40 acres which will allow one better to be drilled to the Hunton reservoir. The step out well will be drilled to test a possible Cromwell Sandstone which has a history of major reserve potential in this field.

Richard Porterfield, President states that the Karsyn and Heath wells plus the step out acreage opportunity give the Company a major boost for corporate plans to the development of reserves and future production.

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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