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Premium Petroleum Corp. (PINK SHEETS: PPTL) is pleased to announce that the Company has initial positive test results on the Viking gas zone in its most recently drilled well referred to as Ashmont 9-22. Non steady state flow rates were approximately 135 to 150 mcf per day. Additional testing and analysis is being done to accurately estimate the steady state production rate. Transportation and infrastructure is near at hand. As previously stated, additional seismic has been acquired and along with the valuable core data from Ashmont 9-22, drilling target(s) are being developed which will lead to additional drilling in the near future. The next step for the Company is to test the Oil Sands zone we know exists (see previous news releases) in the Company's first well referred to as Ashmont 14-15. Bruce A. Thomson, B.A.Sc.; President & CEO states: "The bonus of realizing a gas zone in our quest to delineate and produce from our Flowing Oil Sands Discovery is valuable in mitigating our risk, as it of itself should afford us a payback on well costs."
Posts: 1442 | From: Lugano - Switzerland | Registered: Sep 2003
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