Premium Petroleum, Inc. Announces Boyne Lake Gas Prospect Drilling has Progressed to a Depth of 1,056 Feet or 322 Meters

Premium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased 
to announce that the Boyne Lake Gas Prospect drilling has progressed 
to a depth of 1,056 feet or 322 meters. The anticipated Total target 
Depths is approximately 1,837 feet or 560 meters.
   As previously stated, according to the company's geophysical 
consultant's interpretation of the seismic, two drill target 
anomalies exist on the property. Seismic evidence collaborates our 
original geologic assumptions indicating the presence of multi zone 
targets, i.e. three zones in one drill target and two in the other. 
The zones are referred to as: Upper Grand Rapids A sand, Upper Grand 
Rapids B sand, and the Viking sand.
   Bruce A. Thomson, B.A.Sc., President & CEO states, "We are 
excited about the possibility of achieving success similar to the 
neighbor's well 3/4 of a mile away which tested 3.4 mmcf/day AOF 
(million cubic feet per day, absolute open flow)."

   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. 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.