Primary Petroleum Buys Back GORRs on Its Southern Alberta Basin Bakken Prospect

- November 4th, 2011

Primary Petroleum Corp. (TSXV:PIE,OTCQX:PETEF) announced that the Board has unanimously approved the exercise of its repurchase right under the finder’s agreement dated May 31st, 2005 on its Pondera Teton acreage with Dale Stoodley, Barrie Quamme and Rod Haverslew (the “Finders”) to purchase 2/3rds of the 3% GORR by paying the Finders an aggregate of $506,827.00.

Primary Petroleum Corp. (TSXV:PIE,OTCQX:PETEF) announced that the Board has unanimously approved the exercise of its repurchase right under the finder’s agreement dated May 31st, 2005 on its Pondera Teton acreage with Dale Stoodley, Barrie Quamme and Rod Haverslew (the “Finders”) to purchase 2/3rds of the 3% GORR by paying the Finders an aggregate of $506,827.00.

As quoted in the press release:

Primary is also pleased to announce the buyback of a further 2% GORR on a portion of its Pondera Teton acreage from a private Montana-based service firm for an aggregate $62,162.00.

The purchase price for both repurchases is payable in an aggregate 812,842 common shares at a deemed price of $0.70 per share, subject to TSX Venture Exchange approval. The shares will be subject to a four month plus one day hold period.

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