Premium Petroleum, Inc.

Premium Petroleum, Inc.

October 31, 2005 09:00 ET

RETRANSMISSION: Premium Petroleum, Inc. Initiates Seismic Program on its Boyne Lake Gas Prospect

CALGARY, ALBERTA--(CCNMatthews - Oct. 31, 2005) - Premium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased to announce that it has initiated its Seismic program on its Boyne Lake Gas Project. Due to the channel sand nature of the geology at the site, management has decided to shoot a seismic program to assist in identifying the optimum drill location on the subject lands. To this end, a highly respected geophysical firm of Petrel Robertson Consulting Ltd. has been retained to design, oversee, and interpret a 3-line 8 km seismic program. This program should be completed and interpreted within the next 30 to 60 days, subject to equipment availability.

"The power of seismic is that it raises the probability of success," commented Bruce Thomson, President and Chief Executive Officer of Premium Petroleum, Inc. "In this case from an estimated 35% to an over 70%," concluded Thomson.

About Premium Petroleum, Inc.

Premium is set to exploit petroleum and natural gas reserves in an environment of unprecedented commodity prices and under the guidance of a highly qualified management and technical team.

Premium is an emerging junior oil and gas company financially well connected, coupled with a strong management and technical team focused on exploiting oil and gas reserves in the Western Canadian Sedimentary basin to 6000 feet in depth. Management intends to pursue a growth strategy through Land Assembly, Joint Ventures (Farmin/Farmout), and Acquisitions. The Company has assembled a seasoned team of managers and technical professionals in the areas of geology, engineering, and legal (Petroleum Landman). With the depth of the management and technical team we have assembled, Premium is poised for aggressive asset growth and development.

For more detail about the company, its management, and projects, please refer to our web site:

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the Company and its operations, are included on certain forms the Company files with the Securities and Exchange Commission.

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