Premier Energy Signed Non-Binding Letter of Intent with Rossgaz LLC

DALLAS--(Business Wire)--
Premier Energy Corp. (OTCBB: PNRC), a U.S. based international oil and gas
company organized under the laws of the State of Florida, announced today that
it has signed a Non-Binding Letter of Intent with Rossgaz LLC, a limited
liability company incorporated in the Russian Federation, to acquire all of the
issued and outstanding securities of Speckrit LLC and the remaining 49% interest
in Karbon CJSC, both owned by Rossgaz and its affiliates.

The LOI sets forth the basic terms of the intended share purchase transaction
and reflects the current, good faith intentions of Premier, Speckrit, Rossgaz
and their respective stockholders. Premier Energy Corp. is responsible for
raising all capital for the cash consideration of $65 million to be used to
acquire the securities and retire outstanding debt. The transaction is required
to close by November 10, 2009.

Speckrit LLC, a limited liability company incorporated in the Russian
Federation, holds a 20-year exploration and exploitation license granted in 2005
for the South-Chernushinskoye Field in the Perm Region. Speckrit owns all
existing oil production and processing facilities at the field and has export
rights to oil refineries at foreign destinations. Speckrit`s majority-owned
subsidiary Alba Oil LLC, also incorporated in the Russian Federation, holds a
25-year exploration and exploitation license granted in 2003 for the
North-Sorokinskoye Field in the Tyumen Region.

Premier Energy Corp. currently owns majority interest of Karbon CJSC, a closed
join stock company incorporated in the Russian Federation. Karbon holds
exploration and production license for the North-Kopanskoye Field in the
Orenburg Region in the Volga-Urals Basin. Premier`s strategy is to widen its
presence and increase oil, gas and condensate production in Russia.

The above transaction is subject to (i) the drafting and negotiation of a final
definitive agreement, (ii) performing due diligence, (iii) board approvals of
Premier and Rossgaz, (iv) stockholder approval of Rossgaz and (v) the raising of
$65 million in capital by Premier Energy Corp. Upon acquisition, Premier Energy
Corp. would need to secure additional $45 million for further evaluation and
development of the acquired oilfields. There is no guarantee that the above
financings will be available at all or, if available, that the terms will be
acceptable. As such, there is no guarantee that Premier will be able to
successfully close the above transaction or, if it does close, that it will be
able to adequately capitalize its operations.

About Premier Energy

Premier Energy Corp., through its majority-owned Russian subsidiary, Karbon
CJSC, is engaged in the business of producing oil and gas from the
North-Kopanskoye Oilfield, exploring and, if warranted, developing new
commercial reserves of oil and gas. Certain information included in this press
release and Company filings (collectively, SEC Filings) under the Securities Act
of 1933, as amended, and the Securities Exchange Act of 1934, as amended (as
well as information communicated orally or in writing between the dates of such
SEC filings), contains or may contain forward looking information that is
subject to certain risks, trends and uncertainties regarding the Company's
ability to raise capital and international, national and local economic
conditions described from time to time in our filings with the Securities and
Exchange Commission.

Premier Energy Corp.
Dr. Anton Prodanovic, 214-208-3283
Anton@premenerco.com

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