🕐10.11.09 - 22:59 Uhr
NEWS RELEASE - Primary Petroleum signs Joint Venture Agreement to Develop Oil Pr oject in Southern Alberta
NEWS RELEASE
Trading Symbol: Canada: TSX-V: PIE
PK: PETEF PRIMARY PETROLEUM SIGNS JOINT VENTURE AGREEMENT TO DEVELOP
OIL PROJECT IN SOUTHERN ALBERTA November 10, 2009 Calgary, Alberta
Primary Petroleum Corporation (TSX-V: PIE, PK: PETEF) (Primary or the
Company) announces that it has signed a Joint Venture Agreement with
Kierland Resources (TSX-V: KIR) to jointly evaluate the Sunburst
potential on a development prospect in Southern Alberta.
Primary has
secured a seismic option on 256 hectares and an area of mutual interest
of 2048 hectares.
Primary and its joint venture partner have commenced
a 3D seismic program which covers approximately four square miles.
It is
anticipated that the seismic program should confirm up to five potential
drilling locations.Contingent on the seismic results, Primary and
Kierland will drill an option well to earn in the lands.
Potential
recoverable reserves from this prospect are in excess of 300,000 barrels
of oil (bbls)with an average gravity of 38 degree API.
Primary and
Kierland will each have a 50% W.I.
BPO and 30% W.I.
APO in the
project.Primary is the designated operator of the JV Agreement.
About
Primary Petroleum Corporation: Primary is a junior oil and gas company
engaged in exploration and development activities in Montana and Alberta
with its head office located in Calgary.
The Companys mandate is to
continue to exploit oil & gas prospects of merit in the Sedimentary
Basin of the Western United States and Canada.
To find out more about
Primary Petroleum visit our website at www.primarypetroleum.com For
further information please contact: PRIMARY PETROLEUM
CORPORATION Mike Marrandino, President
& CEO 403-262-3132
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.
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