Premium Petroleum Corp.: Seeks Up to $5,000,000 in Financing to Tie-In Existing Wells and to Fund Additional Drilling
February 11 2008 - 9:45AM
Marketwired
CALGARY, ALBERTA is pleased to announce that the Company is in
discussions with certain underwriters to arrange up to $5,000,000
in financing to tie-in existing wells and to fund additional
drilling. To date, the Company has had more that one strong
expression of interest.
The financing proceeds will be used to: equip and tie-in our
Viking gas well (9-22); to test, complete, equip and tie-in our
Upper Grand Rapids Flowing Oil Sands well (14-15); to expand our
drilling program; and for general working capital purposes.
Bruce A. Thomson, B.A.Sc.; President & CEO states: "With oil
prices at record highs, coupled with current market interest in Oil
Sands I am confident we will secure our financing on attractive
terms. We are fortunate as a junior company not only to have
approximately 15,000 acres in Oil Sands lands but also to have made
a new Flowing Oil Sands Discovery."
About Premium Petroleum Corp.
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, geophysics, engineering, and legal. With the depth of
the management and technical team we have assembled, Premium is
poised for aggressive asset growth and development.
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.
Contacts: Premium Petroleum Corp. Bruce A. Thomson, B.A.Sc.
President & CEO (403) 264-2710 Email:
brucethomson@premiumpetroleum.com Website:
www.premiumpetroleum.com
Premium Energy (CE) (USOTC:PPTL)
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