Primary Petroleum Provide Update on its Pondera-Teton Prospect in NW Montana

Thu Mar 28, 2013 5:00pm EDT

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Marketwire

Primary Petroleum Corporation

March 28, 2013 - 05:00:00 PM

Primary Petroleum Provide Update on its Pondera-Teton Prospect in NW Montana

CALGARY, ALBERTA--(Marketwire - March 28, 2013) - 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.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Primary Petroleum Corporation
Mike Marrandino
President & CEO
(403) 262-3132
(403) 262-3175 (FAX)
mike@primarypetroleum.com
www.primarypetroleum.com




        

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