REPEAT/Premium Petroleum, Inc.: Drilling Commences on Boyne Lake Project

   Premium retains Schlumberger as its well logging company.

   Premium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased to announce
that it has secured a drill rig for the Boyne Lake gas prospect from
Legend Drilling Ltd. of Red Deer, Alberta and the unit has been
mobilized to the Boyne Lake Site. Drilling is expected to commence
shortly on this gas prospect. It is anticipated to take several days
to drill and complete the well.

   Schlumberger, an internationally recognized quality logging
company, has been retained to provide the logging services for the
well. Log and test results will follow shortly.

   Bruce A. Thomson, B.A.Sc.; President & CEO, states "due to the
networking of our team of professionals, we have been fortunate to
obtain a service 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 service rig!".

   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)