Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

October 20, 2009 13:22 ET

Precision Petroleum Corporation-In Negotiations to Acquire Thompson No. 2 Well, Garvin County Oklahoma

OKLAHOMA CITY, OKLAHOMA--(Marketwire - Oct. 20, 2009) - PRECISION PETROLEUM CORPORATION (Nevada Company), (OTCBB:PPTO) Precision Petroleum Corporation (the "Company") is in negotiations with a private oil and gas company to acquire a 57% working interest in Thompson No. 2 Well. This well is located in Garvin County, Oklahoma. The Thompson produces from the Viola Lime Stone at a depth of 5,000 feet. Precision will optimize the rework of this well for increased cash flow.

The bonus accruing with this acquisition is that Precision will earn the rights to drill and participate in adjoining acreage for an offset well. Richard Porterfield, Petroleum Geologist and President stated that the Viola Limestone is a historic prolific producing reservoir with excellent porosity and high gravity crude. Production from the Thompson wells will significantly enhance the Company cash flow.

The Company has assembled 18 producing wells in Oklahoma which are now in operation effective July 1, 2009. The Company is also presently exploring various oil and gas opportunities in Canada and the United States.

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;

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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