CALGARY, ALBERTA--(Marketwire - Oct. 4, 2012) - Primary Petroleum Corporation (TSX VENTURE:PIE)(OTCQX:PETEF) ("Primary" or the "Company") is pleased to provide the following completion program update on three horizontal wells from its Pondera-Teton Prospect located in the Southern Alberta Basin Bakken Fairway in NW Montana.
Horizontal Completion Program
- The Completion Program commenced on 5 September and concluded on 27 September.
- At this time, Primary anticipates that it will be in a position to release production testing results from all three wells in early November.
- The 60-day option period for our JV Partner to enter into Phase II of the Program will be deemed to have commenced upon release of the initial production data.
- The Phase II program stipulates that our JV Partner has the option to spend a further US$41 million on seismic, vertical and horizontal exploration drilling to earn an additional 17.5% W.I. in the project.
- Strategic land acquisition in our area of interest is continuing. The Company's land acquisition strategy remains responsive to results.
About Primary Petroleum Corporation - Primary is a junior oil and gas company engaged in exploration and development activities in NW Montana and currently holds substantial land positions in both an unconventional and conventional resource oil play. The Company's mandate is to continue to acquire strategic opportunities in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to assist in the exploitation and development. To learn more about us, please visit our website at www.primarypetroleum.com.
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.