Premium Petroleum, Inc. Announces Boyne Lake Reserve Valuation
September 14 2005 - 7:30AM
Business Wire
Premium Petroleum, Inc. (PINK SHEETS:PPTL) commissioned an internal
engineering and geologic report on its Boyne Lake Gas Prospect,
which is dated May 1, 2005. Based on oil at US$32 per barrel and
gas at US$6.10 per Mscf, the net present value of Probable plus
Possible Reserves discounted at 10% is US$4,391,530 per well. At
current prices, this would equate approximately US$8,000,000 per
well. Initial production rates are anticipated to be in the range
of 0.5 to 1.0 MMscf per day, which at today's prices equates to a
netback to the company of approximately US$90,000 to US$180,000 per
month per well. Bruce Thomson, President & CEO, states,
"management sees the possibility given the success of the first
well to drill 4 wells per section (640 acres), and also sees the
possibility of acquiring two neighbouring sections; which could
result in a potential 12 well program." See
www.premiumpetroleum.com for more details. 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.
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