PPTL Premium Energy Corporation (CE)

In a news release Dated February 27, 2009, Precision Petroleum Corporation (the "Company") (PINK SHEETS: PPTO) announced the purchase of an interest in a producing Viola Limestone well, Teresa #1. The well is located at NW/4, of the SW/4 of Section 34, T4N-R2W, Garvin County, Oklahoma. Teresa #1 has been in production since 2004, and has produced in excess of 5,000 barrels of oil and 44,000 MCF of natural gas. The Viola Limestone formation is a consistent oil & gas producer and displays excellent porosity.

Richard Porterfield, Petroleum Engineer and President of the Company advises that the Deese Sandstone formation, with a 25 foot pay zone, is also present in the Teresa #1 well. The Deese Sandstone formation is above the Viola Limestone and is behind pipe. As the Viola is depleted, the Company plans to perforate and fracture the Deese reservoir which should substantially extend the well reserves. Adjacent Deese wells have produced in excess of 40,000 barrels of oil. Mr. Porterfield states that the presence of the Deese reservoir provides a major economic opportunity for the Company over the next several years.

Precision Petroleum Corporation is an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties in the United States. Precision's objective is to seek out and develop opportunities in the oil and natural gas sectors that represent a low risk opportunity. As well, Precision aims to define larger projects that can be developed with Joint Venture partners. More information about the company is available at www.precisionpetroleumcorp.com.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company does not intend to, and undertakes no duty to, update any such forward looking statements to reflect the impact of circumstances or events that arise after the date such forward looking statements were made.

Contacts: Precision Petroleum Corporation 1-405-722-2920 Email: info@precisionpetroleumcorp.com Website: www.precisionpetroleumcorp.com