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Primary Petroleum Corporation
Primary Petroleum Corporation
08/20/2012 | Press release
Primary Petroleum Provides Operational Update on its Southern Alberta Basin Prospect
distributed by noodls on 08/18/2012 08:05
NEWS RELEASE Trading Symbol: Canada: TSX-V: PIE USA: OTCQX: PETEF Primary Petroleum Provides Operational Update on its Southern Alberta Basin Prospect
August 16, 2012 - Calgary Alberta - Primary Petroleum Corporation (TSX-V: PIE; OTCQX: PETEF) ("Primary" or the "Company") provides the following operational update on its Pondera-Teton Prospect located in the Southern Alberta Basin in NW Montana.
Horizontal Program
Primary has completed a three-well horizontal drilling program and has scheduled completion and testing operations to commence in early September 2012.
Completions will utilize 10-12 stage fracs covering a lateral length ranging from 3,000 ft. to 4,000 ft.
The completion program will target three specific zones and will conclude by the end of September 2012.
Production testing will continue for 30-60 days following each completion,
Vertical testing program
One of the vertical wells was completed in a conventional reservoir zone and has been placed on a long term production test with results pending.
Seismic Program
Primary has completed permitting a new 37 sq. mile 3D-seismic program. The timing of the program is under review.
Land Acquisition
Strategic land acquisition in our area of interest is continuing. The Company's land acquisition strategy remains responsive to results.
About Primary Petroleum Corporation - Primary is a junior oil and gas company engaged in exploration and development activities in NW Montana and currently holds substantial land positions in both an unconventional and conventional resource oil play. The Company's mandate is to continue to acquire strategic opportunities in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to assist in the exploitation and development. To learn more about us, please visit our website at: www.primarypetroleum.com
For further information please contact: PRIMARY PETROLEUM CORPORATION Mike Marrandino, President & CEO
(403) 262-3132
FORWARD LOOKING STATEMENTS DISCLAIMER: Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
