Primera Energy Resources Ltd.
TSX VENTURE : PTT

Primera Energy Resources Ltd.

April 13, 2012 12:42 ET

Primera Energy Resources Ltd. (TSX VENTURE:PTT) Announces Corporate Update on Moruga Drilling Program

PORT OF SPAIN, TRINIDAD & TOBAGO AND CALGARY, ALBERTA--(Marketwire - April 13, 2012) - Primera Energy Resources Ltd. ("PERL" or the "Corporation") (TSX VENTURE:PTT) is pleased to provide the following corporate update.

Moruga Exploration Update

On the onshore Moruga Block, the operator has re-entered Firecrown-1 and sidetracked the well to evaluate two Herrera objectives that it was unable to test in the original wellbore. The first Herrera objective has been drilled and intermediate casing was set. The operator is currently drilling the second deeper objective and expects to test Firecrown-1 ST2 during April 2012.

Also on the Moruga Block, located between the Carapal Ridge field and the Snowcap fault block is the Green Hermit prospect. Green Hermit-1 is currently drilling at approximately 1,500 feet and is expected to reach total depth at the end of April 2012.

PERL's working and paying interest for the Moruga Block is 16.2%.

About PERL

PERL is a TSX Venture Exchange listed issuer which currently produces an average monthly rate of approximately 550 bopd pursuant to a lease operatorship agreement in South Central Trinidad and has a 16.2% entitlement to the Cory Moruga 'E' Block.

READER ADVISORY

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.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Primera Energy Resources Ltd.
    Geoffrey Leid
    Chief Executive Officer
    (868) 628-1128