Primary Petroleum Enters Into Non-Binding LOI with Major U.S. Industry Partner on its Southern Alberta Basin Bakken Fairway L...
28 July 2011 - 3:36AM
Marketwired
Primary Petroleum Corporation (TSX VENTURE: PIE)(OTCQX: PETEF)
("Primary" or the "Company") is pleased to announce that its Board
of Directors agreed to move forward in executing a non-binding
Letter of Intent ("LOI") to finalize a Farmout and Joint Operating
Agreement (the "Agreement") with a major U.S. based Industry
Partner on its 291,000 net acres under lease and option in the
Southern Alberta Basin Bakken Fairway of NW Montana.
The completion of the transaction is subject to title and
environmental due diligence and final documentation. It is expected
to close on or before October 3rd 2011, when specific details of
the formal agreement will be disclosed. Primary's current 3D
Seismic and vertical drilling program will be ongoing during the
due diligence and final documentation negotiation period.
"Primary looks forward to completing this transaction and moving
forward with a strong Industry Partner to delineate and prove up
our acreage position in the Southern Alberta Bakken Basin in NW
Montana," states Mike Marrandino, President & CEO. "The Basin
continues to be de-risked by Industry on both sides of the border
and Primary is looking forward to the potential of confirming
economic hydrocarbons over our lands. The next couple of years will
be very exciting for the Company once this transaction is completed
as it will enable Primary to fulfill its business objectives of
evaluating its acreage with the added technical expertise and
financial strength of a strong joint venture partner."
Current Pondera-Teton Work Program
Primary is also pleased to advise that our current 3D Seismic
program is underway on the Dupuyer Creek prospect. It is
anticipated that both the Dupuyer Creek and Marias River seismic
programs will be completed by the end of August. The seismic crew
will then move south to continue with our Deep Creek East and
Eureka Lake programs. To-date, the Company has identified three
vertical drilling locations on its existing 3D Seismic that it
completed in 2008 and is underway with the well site permitting
process.
About Primary Petroleum Corporation - Primary is a junior oil
and gas company engaged in exploration and development activities
in Montana and Alberta and currently holds substantial land
positions in two unconventional tight oil plays in North America.
The Company's mandate is to continue to acquire strategic land
positions of merit in the Sedimentary Basin of the Western United
States and Canada and seek out qualified industry partners to
exploit and develop our acreage. To learn more about us, please
visit our website at: www.primarypetroleum.com
FORWARD LOOKING STATEMENTS DISCLAIMER: Certain statements in
this document may contain "forward-looking statements" or
"forward-looking information" within the meaning of applicable
securities legislation. Such forward-looking statements or
information include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. The Company does not assume
the obligation to update any forward-looking statement, except as
required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Primary Petroleum Corporation Mike Marrandino
President & CEO (403) 262-3132 (403) 262-3175 (FAX)
mike@primarypetroleum.com www.primarypetroleum.com
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