Primera Energy Resources Ltd.

March 11, 2011 15:59 ET

Primera Energy Resources Ltd. (TSX-V:PTT) Announces Cory Moruga Block Operational Update

PORT OF SPAIN, TRINIDAD & TOBAGO and CALGARY, ALBERTA--(Marketwire - March 11, 2011) - Primera Energy Resources Ltd. ("Primera or the "Corporation") (TSX VENTURE:PTT) is pleased to announce that drilling operations have recommenced on the Firecrown 1 exploration well. According to the Ministry of Energy in Trinidad, the well, currently at 8,700 feet, will now be reclassified as Firecrown 1 ST1. Operations are proceeding as scheduled to deepen the well to 10,500 feet. Thereafter, all prospective intervals will be tested.

Parex Resources (Trinidad) Ltd., is the Operator of the Cory Moruga Block under the Farmout Agreement.

About PERL

PERL is a TSX Venture Exchange listed issuer which currently produces approximately 275 barrels of oil per day pursuant to a lease operatorship in South Central Trinidad, has a 16.2% entitlement to the Cory Moruga Block and a 10% entitlement to a Production Sharing Contract for onshore India block CB-ONN-2005/11. The prospect has significant potential and regional implications for PERL.

PERL currently has an approximate working capital surplus of $3.9MM and approximately 55.4 million common shares outstanding.

Statements in this press release may contain forward-looking information including expectations of future operations, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the issuer. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

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

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