Primary Petroleum Corporation

Primary Petroleum Corporation

November 04, 2011 10:00 ET

Primary Petroleum Buys Back GORRs on Its Southern Alberta Basin Bakken Prospect in NW Montana

CALGARY, ALBERTA--(Marketwire - Nov. 4, 2011) - Primary Petroleum Corporation (TSX VENTURE:PIE)(OTCQX:PETEF) ("Primary" or the "Company") is pleased to announce that the Board has unanimously approved the exercise of its repurchase right under the finder's agreement dated May 31st, 2005 on its Pondera Teton acreage with Dale Stoodley, Barrie Quamme and Rod Haverslew (the "Finders") to purchase 2/3rds of the 3% GORR by paying the Finders an aggregate of $506,827.00. Mr. Haverslew is a current a director and officer of the Company. The remaining 1% GORR is attached to approx. 187,000 acres of its Pondera Teton prospect in NW Montana.

Primary is also pleased to announce the buyback of a further 2% GORR on a portion of its Pondera Teton acreage from a private Montana-based service firm for an aggregate $62,162.00.

The purchase price for both repurchases is payable in an aggregate 812,842 common shares at a deemed price of $0.70 per share, subject to TSX Venture Exchange approval. The shares will be subject to a four month plus one day hold period.

The Company would also like to advise that the current Information Circular that was mailed to shareholders on October 28, 2011 (with respect to its annual and special meeting of the Company to be held on November 22, 2011) and posted on SEDAR on November 2, 2011 contained the following error: Mr. Peter Carwardine was stated therein as being a member of the Company's audit committee whereas Mr. Carwardine actually resigned as a member of the audit committee on September 30, 2011. The current audit committee, therefore, is made up of only 2 members – Mr. Mike Marrandino and Mr. K. Alan Blair. The Company intends to add a third independent member to the audit committee of the Company shortly following its annual meeting.

About Primary Petroleum Corporation - Primary is a junior oil and gas company engaged in exploration and development activities in Montana and Alberta and currently holds substantial land positions in two unconventional tight oil plays in North America. The Company's mandate is to continue to acquire strategic land positions of merit in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to exploit and develop our acreage. To learn more about us, please visit our website at

FORWARD-LOOKING STATEMENTS DISCLAIMER: Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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