🕐05.11.10 - 19:54 Uhr

ALBERTA BAKKEN Q3 - UPDATE





Primary Petroleum is pleased to provide  3rd Quarter Update on their involvement in the Alberta Basin Bakken in Southern Alberta and Western Montana
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Rosetta Resources - (ROSE-Q)

Southern Alberta Basin

In addition to the three wells already drilled in Southern Alberta Basin, Rosetta has currently drilled two of eight wells that are part of a vertical drilling program to assess the commerciality of the play across its large acreage position.

The Company now holds approximately 300,000 net acres in the Bakken shale play that is an analog to the prolific Williston Basin.

While the Company believes the Southern Alberta Basin area will ultimately be developed with horizontal wells, this vertical program is necessary to evaluate certain key elements of the stimulation design.

CAPITAL PROGRAM UPDATE AND 2010 OUTLOOK

The Company plans to spend $310 million in capital expenditures during 2010.Of that amount, $230 million will be directed toward development and exploratory activities in the Eagle Ford play.

The revised capital outlook also reflected an allocation for the eight-well vertical drilling program in the Southern Alberta Basin.

The higher level of capital spending is expected to exceed internally generated cash flows and the Company plans to fund the shortfall with available cash, asset sales, and draws on the Restated Revolver ("Revolver").

Stone Energy Corporation - (SGY-Z)

Operational Update

Rocky Mountain Region. Three vertical pilot holes have been drilled in northern Montana this year by Stone (35% W.I.) and operator Newfield in the Alberta Bakken play.

A horizontal lateral has been drilled from one of the pilot holes, and is currently being fractured and tested.

Horizontal drilling in the other two pilot holes is scheduled to commence during the fourth quarter..

SOURCE Stone Energy Corporation

Crescent Point Energy Corp - (CPG - TSX)

Alberta

On Sept.

20, 2010, the company announced that it had acquired more than one million net acres of exploratory land in Southern Alberta that the company believes is prospective for multizone light oil opportunities, including the unconventional Bakken and Three Forks zones.

During third quarter, the first of three (3.0 net) exploration wells planned for 2010 was drilled on these lands and a second has been spudded in fourth quarter.

The company expects to drill more than 19 net development and exploration wells on these lands by the end of 2011.


Primary
Petroleum Corporation

www.primarypetroleum.com

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Calgary Alberta T2P 3T4
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