Premium Petroleum Corp.

Premium Petroleum Corp.

November 28, 2007 09:45 ET

Premium Petroleum Corp.: Successful Test on Boyne Lake Flowing Oil Sands Discovery

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2007) - Premium Petroleum Corp. (PINK SHEETS:PPTL) is pleased to announce that the Company has initial positive test results on the Viking gas zone in its most recently drilled well referred to as Ashmont 9-22. Non steady state flow rates were approximately 135 to 150 mcf per day. Additional testing and analysis is being done to accurately estimate the steady state production rate. Transportation and infrastructure is near at hand.

As previously stated, additional seismic has been acquired and along with the valuable core data from Ashmont 9-22, drilling target(s) are being developed which will lead to additional drilling in the near future.

The next step for the Company is to test the Oil Sands zone we know exists (see previous news releases) in the Company's first well referred to as Ashmont 14-15.

Bruce A. Thomson, B.A.Sc.; President & CEO states: "The bonus of realizing a gas zone in our quest to delineate and produce from our Flowing Oil Sands Discovery is valuable in mitigating our risk, as it of itself should afford us a payback on well costs."

About Premium Petroleum Corp.

Premium is set to exploit petroleum and natural gas reserves in an environment of unprecedented commodity prices and under the guidance of a highly qualified management and technical team.

Premium is an emerging junior oil and gas company financially well connected, coupled with a strong management and technical team focused on exploiting oil and gas reserves in the Western Canadian Sedimentary basin to 6000 feet in depth. Management intends to pursue a growth strategy through Land Assembly, Joint Ventures (Farmin / Farmout), and Acquisitions. The Company has assembled a seasoned team of managers and technical professionals in the areas of geology, geophysics, engineering, and legal. With the depth of the management and technical team we have assembled, Premium is poised for aggressive asset growth and development.

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the Company and its operations, are included on certain forms the Company files with the Securities and Exchange Commission.

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