Primera Energy Resources Ltd.
TSX VENTURE : PTT

December 05, 2011 10:00 ET

Primera Energy Resources Ltd. (TSXV:PTT) Announces Corporate Update on Block WD-4 Drilling Program

PORT OF SPAIN, TRINIDAD & TOBAGO and CALGARY, ALBERTA--(Marketwire - Dec. 5, 2011) - Primera Energy Resources Ltd. (TSX VENTURE:PTT) (PERL or the "Corporation") is pleased to provide the following corporate update.

Optimal Block WD-4

PS 111RD, the second well drilled during the current drilling campaign, has been completed, initially in 45 feet of net pay between 6,593 feet and 6,785 feet in the Upper Cruse formation. The well is currently flowing 88 barrels of clean oil per day as at December 4, 2011 on a 6/32" choke with CHP 290#. Approximately 250 feet of net pay in the Upper Cruse and Forest formations remain to be exploited.

As reported earlier, work is continuing on location preparation for redrills, PS 174RD and PS 125.

About PERL

PERL is a TSX Venture Exchange listed issuer which currently produces approximately 500 barrels of oil per day 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

    Primera Energy Resources Ltd.
    Dan Patience
    Investor Relations
    (403) 262-7111