Premium Petroleum Corp. continues to pursue financing alternatives. Debt, equity, and joint venture options are being reviewed.
The financing proceeds will be used to: equip and tie-in our Viking gas well (9-22); (approximately 1100 yards to the tie-in point), 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.
It is anticipated that the gross cash flow from these two wells could exceed $70,000 per month at current commodity prices.
Bruce A. Thomson, B.A.Sc.; President & CEO states: "In spite of oil price decline, our discovery remains economic due to the fact that the specific gravity of our oil is such that it will "cold flow", which permits conventional recovery methods to be utilized. We are fortunate as a junior company to not only to have approximately 15,000 acres in Oil Sands lands but also to have made a new pool Flowing Oil Sands Discovery."
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