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  • g8trgr8t g8trgr8t Mar 28, 2013 5:31 PM Flag

    Seismic Done

    Will they be able to find a jv partner so this dog can run high enough for me to get out whole???? Does MM have another trick up his sleeve?? Come on, MM, go get that chinses money and sell it out... need a triple from here....not too proud to admit I speculated on a dog that just won't hunt....oh well, can't win em all

    CALGARY, ALBERTA--(Marketwire - Mar 28, 2013) - Primary Petroleum Corporation (TSX VENTURE:PIE)(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.

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