Precision has consummated an agreement with Nitro Petroleum Incorporated as of January 28, 2009 pursuant to its letter of intent for the exploration of oil and gas properties in the Northeastern Province of the Powder River Basin project.
Precision Petroleum Corporation is very encouraged with the execution of this agreement due to the relative unexplored nature of the properties with the possible upside potential of finding new oil reserves along with the opportunity to produce coal bed methane from shallow horizons in the area contracted.
The areas where we have acquired leases have existing oil and gas production from three oil and gas fields located on the Hardin Platform. Those oil and gas fields are the Marus Snyder Oil Field, the Soap Creek Oil Field, and the Hardin Gas Field, which has produced gas for many years from the Hardin Sandstone. The Hardin Gas Field has been extended from time to time and the latest extension is still proceeding.
Richard Porterfield, President of Precision Petroleum Corporation, stated that this presents a unique opportunity to explore for possible vast quantities of oil and gas reserves if found productive along with reasonable exploration costs.
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