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MSN HomeMy MSNHotmailShoppingMoneyPeople & ChatSign InWeb Search: Money Search MSN Money:Help Home News Banking Investing Planning Taxes My Money Portfolio Loans Insurance Investing Home Portfolio Markets Stocks Funds ETFs Commentary Brokers CNBC TV Quote, Chart, News Snapshot Company Report Quotes Charts Key Developments Recent News Research SEC Filings Advisor FYI Stock Rating Earnings Estimates Analyst Ratings Financial Results Insider Trading Ownership Community Guided Research Research Wizard Find Stocks Stock Screener Power Searches Top Rated Stocks Related Links Expert Picks E-mail & Alerts IPO Center Message Boards Capital Gains Analysis October 24, 2005 5:49:00 PM ETPremium Petroleum, Inc. Adds Former Exxon Mobile Executive to its Management TeamadvertisementRelated information E-mail this article Print-friendly versionStocks mentioned in this articlePREMIUM PETROLEUM CORP(PPTL) Quote, Chart, News
All Business Wire NewsPremium Petroleum, Inc. (PINK SHEETS:PPTL) is pleased to announce the appointment of Paul J. Bennett, H.B.Sc., M.Sc., P.Geol, as Vice President of Exploration, and also as Advisory Board member.
Related newsREPEAT/Premium Petroleum, Inc. Adds Former Exxon Mobile Executive to its Management Team Mr. Bennett spent 31 years of his career with Exxon Mobil Canada. In this period of time he progressed in various management positions including Manager of Western Canada Exploration, Senior VP for Exploration and an officer of Mobil Oil Canada Ltd, and most recently Head of all Canadian Geoscientist with responsibility for EMC geoscience, technical computing, and well approvals for Western Canada (WCSB, namely Western Canadian Sedimentary Basin, Mackenzie, West Coast).
Mr. Bennett has done geological/technical work in every province and territory in Canada over a 36 year period, and has lived and worked in Europe and the USA. He has worked for oil and gas companies, mining companies and provincial geologic/mining surveys.
The Company will be looking to Mr. Bennett to source quality exploration and development projects, acquisition opportunities, joint ventures, and grass roots land assembly opportunities in accordance with the stated objectives set out by the Company.
Mr. Bennett is a seasoned senior oil and gas manager and an accomplished explorationist with many significant discoveries to his credit.
Bruce Thomson, President & CEO, states, "The biggest asset of any successful oil and gas company is the quality of its people."
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 (Petroleum Landman). 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)
Contact Information: Premium Petroleum, Inc. Bruce Thomson (403) 264-2710 bruce*thomson.org www.premiumpetroleum.com
I jumped in at .025 cents $1000. One you have to just see and wait. Big potential for those who wait and big numbers for the shorts....
Posts: 29 | From: NYC | Registered: Feb 2005
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Premium Petroleum Corp. (PINK SHEETS: PPTL) is pleased to announce that a successful test well was drilled on the Boyne Lake Prospect to TD (total depth) of 561 meters (1,841 feet). Both the primary target "Upper Grand Rapids" zone as well as the up hole secondary target "Viking" zone were encountered and were prolific. "Upper Grand Rapids" zone: Management was anticipating that the primary target "Upper Grand Rapids" zone would contain natural gas reserves, similar to nearby wells. This zone was perforated, and gas was absent so a temporary cap was placed on the well. After 5 or 6 days the well was checked again, and much to the delight of management, an approximate 250 meters (800 foot) head of oil was present in the well bore - evidence that we had encountered OIL SANDS, but even more significant, FLOWING OIL SANDS. In accordance with Alberta Energy's designation, our project is categorized OIL SANDS; located in the Cold Lake Oil Sands district.
The significance of FLOWING OIL SANDS is that expensive mining and recovery methods are unnecessary, as conventional pumping methods can be used for recovery of the oil. As no one else in the area is producing oil from this Upper Grand Rapids zone, we have made a New Pool Discovery. Management continues analysis for the optimal drilling program to exploit the pool. It is anticipated that horizontal drilling technology will be utilized, and according to our in-house engineering calculations, could result in production rates ranging from 100 to 120 bopd (barrels of oil per day per well). "Viking" zone: The "Viking" zone was completed and tested on an Absolute Open Flow (AOF) basis at approximately 150,000 cubic feet per day. Typical of Viking gas wells in the area, it is anticipated that steady state production rates will be less than the AOF tested rate, however offsetting that is the probability that reserves will be long life i.e. 15 to 20 years plus. Completion work is in progress.
"Tight Hole" status: The "tight hole" (confidential) status period of the well has expired, and as a result, we will have much more additional information to share with you our valued shareholders going forward. The Boyne Lake Prospect is located approximately 100 km (62 miles) north of Edmonton in the Province of Alberta, Canada. Northern Alberta has been the subject of significant interest over the past years where major tar sand oil and Bitumen have been discovered, is currently being refined or in the process of development by oil companies such as Suncor, Syncrude and Synenco.
According to the Petroleum Economist, "Although tar sands occur in more than 70 countries, the bulk is found in Canada in four regions: Athabasca, Wabasca, Cold Lake, and Peace River; together covering an area of some 77,000 km2." In fact, the reserve considered to be technically recoverable is estimated at 280-300 Gb (billions of barrels), larger than the Saudi Arabia oil reserves (optimistically) estimated at 240 Gb. The total reserves for Alberta, including oil not recoverable using current technology, are estimated at 1,700-2,500 Gb.
Bruce A. Thomson, B.A.Sc., President & CEO, states, "We are excited to report that as a junior oil and gas company we have discovered a new pool of Flowing Oil Sands. I am not aware of any other junior company in this position, our future is bright. I would also like to thank our shareholders for their patience in waiting for information and also for their confidence and support - our option to apply for tight hole status was essential to protect your best interests."
Posts: 1442 | From: Lugano - Switzerland | Registered: Sep 2003
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