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Primary Petroleum, PIE.v/PETEF.pk



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By Bobwins

Posted: Thursday May 22 3:39:20PM 2008

I added more today. News on putting first oil well into production plus testing results on the second well drilled should be coming soon. There were 4 wells drilled and cased so three more need to be tested and completed. PIE.v/PETEF.pk +.025 to C$.42 This is good news. I talked with CEO Marrandino a couple of weeks ago and he was talking about getting financing for the summer drill program. I was figuring there would be dilution. This credit facility of 2 million should cover the summer drilling and get them ready to explore their Saturn prospect in Montana. These wells in Montana are relatively shallow and only cost $325K per well. This 2 million should fund several new wells, buy some seismic and keep the company going until the cashflow starts from the first four wells drilled. Bobwins NEWS RELEASE Trading Symbol: Canada: TSX-V: PIE PK: PETEF PRIMARY PETROLEUM SECURES CREDIT FACILITY OF $2,000,000 May 21, 2008 – Calgary, Alberta – Primary Petroleum Corporation (TSX-V: PIE, PK: PETEF) (“Primary” or the “Company” is pleased to announce that it has secured a credit facility of $2,000,000 CAN. The Company will use the proceeds from the credit facility as follows: • Drilling, completion and testing on its Teton County, Montana drilling program. • Equip and tie-in to production the oil well that was announced on April 03, 2008. • Continue leasing prospective lands in both Teton and Pondera counties. • Acquire 3D seismic for its Saturn prospect, Daniels County, in the Williston Basin, Montana. • Balance to general working capital requirements. The credit facility has a term of six months, and bears an annual interest rate of 12%, paid monthly. In consideration for the loan, the Company will pay the lender a structuring fee in the amount of $10,000 CAN; pay all legal and due diligence fees and pay a cash bonus in the amount of $140,000 CAN to the lender. The Company will provide the lender with a fixed and floating first charge over all of Primary’s assets and provide the lender with environmental indemnity with respect to the Company’s properties. Primary is a growing oil and gas company actively engaged in exploration and development activities in Montana and Alberta with its head office located in Calgary and a representative office in Shelby, Montana. Primary’s management and technical teams include accomplished oil and gas exploration and development personnel, with extensive experience. The Company’s mandate is to continue to aggressively acquire oil & gas prospects of merit in Sedimentary Basin of the Western United States and Canada with a focus on acquiring assets in Montana and the surrounding states whereby Primary Petroleum maintains control of its own land plays and drilling operations. To find out more about Primary Petroleum Corporation please visit the Company’s website at www.primarypetroleum.com For further information please contact: PRIMARY PETROLEUM CORPORATION MURDOCK CAPITAL PARTNERS Mike Marrandino, President & CEO Ph: 212-421-2545 403-262-3132 www.murdockcapital.com mike@primarypetroleum.com

By robert1229

Posted: Sunday May 11 7:07:26PM 2008

Mr Bobwins, I think Primary sounds good too, but I wonder if one ought to be concerned that the CFO, a woman who was named Carrie, was at Primary for about 2 months (Jan. to Mar. 2008). Now there is a new CFO. I am not saying that this is a big concern, though sometimes it is. Thanks for posting all about your discussion with Mike Marrandino. robert

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