Premium Energy (CE) (USOTC:PPTL)
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Premium Petroleum, Inc. (PINK SHEETS:PPTL) commissioned
an internal engineering and geologic report on its Boyne Lake Gas
Prospect, which is dated May 1, 2005. Based on oil at US$32 per barrel
and gas at US$6.10 per Mscf, the net present value of Probable plus
Possible Reserves discounted at 10% is US$4,391,530 per well.
At current prices, this would equate approximately US$8,000,000
per well.
Initial production rates are anticipated to be in the range of 0.5
to 1.0 MMscf per day, which at today's prices equates to a netback to
the company of approximately US$90,000 to US$180,000 per month per
well.
Bruce Thomson, President & CEO, states, "management sees the
possibility given the success of the first well to drill 4 wells per
section (640 acres), and also sees the possibility of acquiring two
neighbouring sections; which could result in a potential 12 well
program."
See www.premiumpetroleum.com for more details.
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.