NEWS RELEASE Trading Symbol: Canada: TSX-V: PIE USA: OTCQX: PETEF
Primary Petroleum Provides Technical Update on its Southern Alberta Basin Prospect in NW Montana.
________________________________________________________________________________________________________________
May 29, 2012 Calgary Alberta - Primary Petroleum Corporation (TSX-V: PIE; OTCQX: PETEF) (Primary or the Company) is pleased to provide the following technical update on its Pondera-Teton Prospect located in the Southern Alberta Basin Bakken Fairway in NW Montana.
Seismic Program
- Primary has completed five 3D seismic programs covering approx.
95 sq.
miles and one additional 37 sq.
mile program is currently being permitted.
Initial Six Vertical Stratigraphic Wells:
- All six wells were drilled vertically into the upper Duperow formation, ranging in depth between 4500 -6500 ft.
All wells were cored across various sections of the Bakken System (lower Lodgepole, Bakken, Three Forks and Big Valley/Upper Potlatch).
- Oil and gas shows were identified on logs in multiple reservoir zones in all wells.
- Free oil was observed in one or more of the cores.
- Standard log suites were acquired in all wells and advanced log suites were acquired in five of the wells.
- Two wells were cased, perforated and swab tested in the Bakken System and/or secondary zones, with fluid samples currently being analyzed.
- Routine core analysis has been completed on four of the six wells to-date.
Porosity up to 10.4% and non-fractured permeability up to 0.3mD (millidarcy) have been reported.
- Geochemical analyses have been completed on select samples with additional analysis in progress.
Sample analyses indicate a thermally mature Bakken System source rock in the oil window, with some zones where TOC (total organic content) reaches up to 17%.
- Special core analysis for the horizontal drilling program has been completed on select samples, with additional analysis in progress.
Three Supplemental Vertical Wells:
- All wells drilled into the upper Duperow formation, with one well cored across the Nisku formation.
- One well was cased, perforated and is currently being swab tested in the secondary conventional reservoir zones and/or Bakken System with results pending further review and analysis.
Operatorship
Primary has requested and has been granted by its JV Partner continued Operatorship for the balance of the drilling and completion operations in the Phase I program.
Horizontal Program
- Primary has commenced the horizontal drilling program and is anticipating at this time to drill three or four horizontal wells, each targeting a specific reservoir zone by the end of September 2012.
The Company is also anticipating the conclusion of completion operations by the end of October.
- Production testing will continue through to the end of the year, followed by the JV Partners Phase II election to spend a further US$41 million and earn an additional 17.5% W.I.
in 2013.
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 Companys 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.
Primary Petroleum Corp
Suite 480, 700 4th Avenue SW
Calgary Alberta T2P 3J4
Canada
You are subscribed to this mailing list as .
Please
click here to modify your message preferences or to unsubscribe from any future mailings.
We will respect all unsubscribe requests.