Primary Petroleum Corporation (TSXV:PIE,OTCQX:PETEF) reports entering a non-binding Letter of Intent to finalize a Farmout and joint operating agreement with a major U.S. based Industry Partner on its 291,000 net acres under lease and option in the Southern Alberta Basin Bakken Fairway of NW Montana.

The press release is quoted as saying:

The completion of the transaction is subject to title and environmental due diligence and final documentation. It is expected to close on or before October 3^rd 2011, when specific details of the formal agreement will be disclosed. Primary’s current 3D Seismic and vertical drilling program will be ongoing during the due diligence and final documentation negotiation period.

Primary Petroleum’s President and CEO,  Mike Marrandino says:

“Primary looks forward to completing this transaction and moving forward with a strong Industry Partner to delineate and prove up our acreage position in the Southern Alberta Bakken Basin in NW Montana”  “The Basin continues to be de-risked by Industry on both sides of the border and Primary is looking forward to the potential of confirming economic hydrocarbons over our lands. The next couple of years will be very exciting for the Company once this transaction is completed as it will enable Primary to fulfill its business objectives of evaluating its acreage with the added technical expertise and financial strength of a strong joint venture partner.”

Click here to access the entire news release.

Click here to access Primary Petroleum’s company profile.(TSXV:PIE,OTCQX:PETEF)