Premium Petroleum, Inc.: Drilling Progresses to 374ft or 114m on Boyne Lake Project

Premium Petroleum Inc. (PINK SHEETS:PPTL) is pleased to 
announce that drilling is progressing on the Boyne Lake gas prospect. 
The drill bit was at about 374 feet or 114 meter depth this morning 
and drilling surface hole. The drilling is expected to take several 
days, barring any unforeseen issues.

   As previously reported, the seismic program on this prospect was 
comprised of three seismic lines for a total of 8.6 km (5.4 mi). The 
lines tie in the neighbor's successfully tested well (3.4 million 
cubic feet of gas per day absolute open flow) three quarters of a 
mile northwest of the property and in addition, also incorporate 
parts of two neighboring sections along with the company owned 
section comprising the Boyne Lake Prospect. This prospect is 
approximately 45 miles from Athabasca, Alberta.

   "Again good luck has been on our side as we got the rig erected 
before about one foot of snow that fell in Boyne Lake area prospect 
this week," commented Bruce A. Thomson, B.A.Sc.; President & CEO. "We 
also have been fortunate to obtain a rig commitment within a three 
week time frame. In these times of high rig demand, it is not 
uncommon for a company to wait sometimes months to obtain a rig," 
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. 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.



   Premium Petroleum, Inc. (PINK SHEETS:PPTL)