Premium Seeks Up to $5 Million in Financing

Premium Petroleum Corp. reported that the Company is in discussions with certain underwriters to arrange up to $5,000,000 in financing to tie-in existing wells and to fund additional drilling. To date, the Company has had more than one strong expression of interest.

The financing proceeds will be used to: equip and tie-in our Viking gas well (9-22); to test, complete, equip and tie-in our Upper Grand Rapids Flowing Oil Sands well (14-15); to expand our drilling program; and for general working capital purposes.

Bruce A. Thomson, B.A.Sc.; President & CEO stated, "With oil prices at record highs, coupled with current market interest in Oil Sands I am confident we will secure our financing on attractive terms. We are fortunate as a junior company not only to have approximately 15,000 acres in Oil Sands lands but also to have made a new Flowing Oil Sands Discovery."

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