Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

February 27, 2009 09:45 ET

Precision Petroleum Corporation Purchases Interest In Four Producing Wells In Oklahoma

Proceeds With Montana Drilling Project

OKLAHOMA CITY, OKLAHOMA--(Marketwire - Feb. 27, 2009) - Precision Petroleum Corporation (Nevada Company) (OTCBB:PPTO) Precision Petroleum Corporation (the "Company") is pleased to advise that negotiations have been completed whereby the Company will purchase varied working interests in four producing oil wells in Oklahoma. The properties included in the purchase are:

The Thompson #1 Well, W/2 SE/4 Section 18-4N-1W, Garvin County, Oklahoma.

The Mason Burns Well, NE/4 NW/4 NW/4 Section 34-4N-2W, Garvin County, Oklahoma.

The Teresa Well, NW/4 SW/4 Section 34-4N-2W, Garvin County, Oklahoma.

The Quinlan #1 Well, NW/4 NE/4 NW/4 Section 19-11N-5E, Pottawatomie County, Oklahoma.

The combined wells are currently producing approximately 40 BPOE per day. Well status reports will be available prior to the transfer. Further details on the wells will be released in upcoming news releases.

POWDER RIVER BASIN PROJECT, MONTANA.

In a previous news letter, the Company announced that it was in negotiations to participate in a potential 10 well drilling program in the Powder River Basin Project in Montana. The Company advises that the agreement to proceed has been completed. The Company anticipates that the permits and bonding requirements will be completed within 45 days. Upon engineering surveys and recommendations, the drilling program to explore the Pennsylvania Tensleep Formation (the major reservoir contemplated) will commence. In addition, the Company anticipates that there are an additional four potential reservoirs to test in the initial well program. Similar wells in the area, namely the Mann 8-18 and 1-18, have recorded substantial production over the past 10 years.

Richard Porterfield, Petroleum Geologist, President and CEO advise that the Montana venture avails the Company an exceptional opportunity. These leases provide for spacing units which would comprise a potential for a 40 well program.

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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