PPTL Premium Energy Corporation (CE)

Premium Petroleum Inc. (PINK SHEETS:PPTL) is pleased to announce that drilling is progressing on the Boyne Lake gas prospect. The drill bit was at about 374 feet or 114 meter depth this morning and drilling surface hole. The drilling is expected to take several days, barring any unforeseen issues. As previously reported, the seismic program on this prospect was comprised of three seismic lines for a total of 8.6 km (5.4 mi). The lines tie in the neighbor's successfully tested well (3.4 million cubic feet of gas per day absolute open flow) three quarters of a mile northwest of the property and in addition, also incorporate parts of two neighboring sections along with the company owned section comprising the Boyne Lake Prospect. This prospect is approximately 45 miles from Athabasca, Alberta. "Again good luck has been on our side as we got the rig erected before about one foot of snow that fell in Boyne Lake area prospect this week," commented Bruce A. Thomson, B.A.Sc.; President & CEO. "We also have been fortunate to obtain a rig commitment within a three week time frame. In these times of high rig demand, it is not uncommon for a company to wait sometimes months to obtain a rig," concluded Thomson. About Premium Petroleum, Inc. Premium is set to exploit petroleum and natural gas reserves in an environment of unprecedented commodity prices and under the guidance of a highly qualified management and technical team. Premium is an emerging junior oil and gas company financially well connected, coupled with a strong management and technical team focused on exploiting oil and gas reserves in the Western Canadian Sedimentary basin to 6000 feet in depth. Management intends to pursue a growth strategy through Land Assembly, Joint Ventures (Farmin / Farmout), and Acquisitions. The Company has assembled a seasoned team of managers and technical professionals in the areas of geology, engineering, and legal. With the depth of the management and technical team we have assembled, Premium is poised for aggressive asset growth and development. For more detail about the company, its management, and projects, please refer to our web site: www.premiumpetroleum.com. This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the Company and its operations, are included on certain forms the Company files with the Securities and Exchange Commission. Premium Petroleum, Inc. (PINK SHEETS:PPTL)