Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

February 07, 2011 11:31 ET

Precision Petroleum Corporation-Sharon #1, Garvin County, Oklahoma

GARVIN COUNTY, OKLAHOMA--(Marketwire - Feb. 7, 2011) - Precision Petroleum Corp. (OTCBB:PPTO), the company continues to evaluate and engineer each well and lease in the Oklahoma region to ensure that the company will maximize oil and gas reserves and recoveries.

The company has various working interests in 26 well locations and the company intends to pursue the optimum revenue while at the same time exploring and re-developing all of its leasehold interests.

Included in this re-work program is the recent evaluation of Sharon #1 located in Section 5 within Garvin County. The Sharon well has been a consistent producer, however, the well has had an unexpected production decline which will necessitate a service rig re-entry to clean, and acid flush in order to stimulate the reservoir.

Porterfield further comments that dependent on the work-over results, we may possibly deepen the hole to expose a greater section of the reservoir, and should increase production considerably.

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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