Primary Petroleum Corporation
TSX VENTURE : PIE
OTCQX : PETEF

Primary Petroleum Corporation

April 10, 2012 10:00 ET

Primary Petroleum Provides Update on its Southern Alberta Basin Prospect in NW Montana

CALGARY, ALBERTA--(Marketwire - April 10, 2012) - Primary Petroleum Corporation (TSX VENTURE:PIE)(OTCQX:PETEF) ("Primary" or the "Company") is pleased to provide the following drilling updates on its Pondera-Teton Prospect located in the Southern Alberta Basin Bakken Fairway in NW Montana.

  • Primary has completed drilling, coring and logging of the six vertical stratigraphic test wells as part of the Phase I Joint Venture Exploration Program in Pondera and Teton Counties, north-western Montana. The vertical depth of the six wells ranged from 4200ft - 6500ft with at least 120 ft section of core taken from the Bakken System in each well. Production casing has been set in two wells to test the Bakken System for the planning phase of the horizontal program and test the conventional or secondary reservoirs. The Company and its JV Partner continue their analysis of the data collected from the Bakken system and conventional reservoirs. Once all of the data from the vertical program has been evaluated a more detailed update will be disseminated prior to the commencement of the horizontal program.
  • Based on the data collected from our vertical test wells, Primary and its JV Partner have agreed to move forward on a secondary drilling and production-testing program of up to four vertical wells. This secondary program will evaluate conventional Nisku, Sun River and Sunburst reservoirs. This program will commence immediately and be completed prior to the commencement of the Phase I horizontal program.
  • The JV Partner is formulating plans to secure a drilling rig and major services for the upcoming horizontal drilling program to production test the Bakken System formations. The horizontal program is expected to begin in late June or early July.
  • Strategic land acquisition in our area of interest is continuing.

About Primary Petroleum Corporation - Primary is a junior oil and gas company engaged in exploration and development activities in Montana and currently holds substantial land positions in an unconventional tight oil play. 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: 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.

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