CALGARY, ALBERTA--(Marketwire -08/16/12)- Primary Petroleum Corporation (PIE.V)(PETEF) ("Primary" orthe "Company") provides the following operational update on its Pondera-Teton Prospect located in the Southern Alberta Basin in NW Montana.
-- Primary has completed a three-well horizontal drilling program and has scheduled completion and testing operations to commence in early September 2012. -- Completions will utilize 10-12 stage fracs covering a lateral length ranging from 3,000 ft. to 4,000 ft. -- The completion program will target three specific zones and will conclude by the end of September 2012. -- Production testing will continue for 30-60 days following each completion.
Vertical testing program
-- One of the vertical wells was completed in a conventional reservoir zone and has been placed on a long term production test with results pending.
-- Primary has completed permitting a new 37 sq. mile 3D-seismic program. The timing of the program is under review.
-- Strategic land acquisition in our area of interest is continuing. The Company's land acquisition strategy remains responsive to results.
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 resource 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.
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