REPEAT/Premium Petroleum, Inc. Initiates Seismic Program on its Boyne Lake Gas Prospect
01 November 2005 - 1:00AM
Business Wire
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:
www.premiumpetroleum.com. 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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