Precision Petroleum Corporation
OTC Bulletin Board : PPTO

Precision Petroleum Corporation

May 24, 2011 14:45 ET

Precision Petroleum Corporation Update on Plummer #1 and #2 ReWork

SHAWNEE, OKLAHOMA--(Marketwire - May 24, 2011) - Precision Petroleum Corporation (OTCBB:PPTO) is pleased to report that both of their Plummer wells have undergone remedial work and have been put back online. The wells are located in Garvin County, Oklahoma with the Plummer #1 being in the SE, SE, SE/4 of Section 1, T3N, R2W and the Plummer #2 located in the SE, SW, NW/4 of Section 6, T3N, R1W. The wells are within one-half mile of each other in the same geologic province. A field saltwater disposal well is available in the NE/4 of Section 12, T3N, and R2W for any produced water that may be incurred thus making this area very cost effective. Both wells were recompleted in the Lower Viola Limestone with the Plummer #2 being put back online May 17th and the Plummer #1 put back online May 21st. As both wells settle to their respective production rates, Precision will then post further updates.

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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