CALGARY, ALBERTA -- (Marketwire) -- 03/28/13 -- Primary Petroleum Corporation (TSX VENTURE: PIE)(OTCQX: PETEF) ("Primary" or the "Company") has completed its analysis of the data generated by the Phase I program and the integration of the high resolution aeromagnetic survey (HRAM) and gravity data that was performed over the northern half of the Company's land position with our 2D and proprietary 3D seismic. The Company is currently preparing a virtual data room and will commence the process to seek out a new Joint Venture Partner and/or divest of its Pondera-Teton prospect lands.
We anticipate that Industry will be attracted to the potential of this very large and contiguous land position in Pondera and Teton Counties in NW Montana (approx. 595 gross and 503 net sections) as the Phase I program assessed less than 20% of the JV Lands. A re-assessment of the data collected from the Phase I program was focussed on the shallower Mississippian section which has produced over 30 million barrels of oil from the Pondera and Gypsy Basin Fields in the immediate area.
Primary's very strong working capital surplus, no debt and having our lands secured well into the future, provide the Company with several options to create future shareholder value from our current assets and balance sheet.
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 oil play. The Company's 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
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 Corporation
President & CEO
(403) 262-3175 (FAX)
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