Primary Petroleum Sells First Oil From Its Teton Prospect in Montana and Appoints New Director to Board
12 June 2008 - 12:00AM
Marketwired
CALGARY, ALBERTA (PINK SHEETS: PETEF) ("Primary" or the
"Company") is pleased to announce it has sold its first 41 degree
API oil yesterday from its 16-5 Highview well in Teton County,
Montana. CHS Inc., which is headquartered in Denver Co., is
contracted to purchase our oil. The selling price is based on the
30 day monthly average price of WTI minus $10.
"Yesterday was an exciting day in the young life of Primary
Petroleum in Montana," stated Mike Marrandino, President & CEO.
"This first sale of our oil exploited from our Teton prospect
represents approximately three and one-half years of dedication by
our management team, employees and consultants along with the
support and confidence from our shareholders. We look forward to
many more oil shipments from our Montana prospects for the
foreseeable future."
Primary is also pleased to announce the appointment of Mr. Gerry
Gilewicz as an independent Director and head of the Audit Committee
for the Company, effective June 9, 2008.
Mr. Gilewicz is a Certified Management Accountant and has been
the Chief Financial Officer of a junior oil and gas company for the
past six years. Prior to that he was a Senior Manager in the tax
group of Deloitte & Touche LLP providing tax planning and
compliance services to resource based corporations and income
trusts. Mr. Gilewicz is a member of the Finance Committee for the
Small Exploration and Producer's Association of Canada and brings
valuable insight and experience to the Company's Board.
In connection with his appointment, Mr. Gilewicz has been
granted an option to acquire 200,000 common shares at an exercise
price of $0.50 for a period of five years. The option shall be
exercisable over a three year period in increments of 33 1/3 per
year beginning with the first anniversary of the grant date,
subject to the four-month hold period.
"We are very pleased to have Mr. Gilewicz join our Board. His
experience in the oil and gas sector and expertise in both tax and
finance will greatly assist in guiding the Company forward," stated
Mike Marrandino, President and CEO.
Primary is a growing oil and gas company actively engaged in
exploration and development activities in Montana and Alberta with
its head office located in Calgary. Primary's management and
technical teams include accomplished oil and gas exploration and
development personnel, with extensive experience. The Company's
mandate is to continue to aggressively acquire oil & gas
prospects of merit in Sedimentary Basin of the Western United
States and Canada with a focus on acquiring assets in Montana
whereby Primary Petroleum maintains control of its own land plays
and drilling operations.
To find out more about Primary Petroleum Corporation please
visit the Company's website at www.primarypetroleum.com.
This news release has been prepared by management.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Primary Petroleum Corporation Mike Marrandino
President & CEO (403) 262-3132 Email: mike@primarypetroleum.com
Website: www.primarypetroleum.com Murdock Capital Partners (212)
421-2545 Website: www.murdockcapital.com
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