Primary Petroleum Sells Non-Core Assets for $3,400,000

- February 29th, 2012

Primary Petroleum Corporation(TSXV:PIE) announced updates on the Saturn Prospect in Daniels County after the completion of its annual review of non-core assets. The Company approved the divestiture of the Saturn Prospect for $3,400,000. Primary Petroleum is focusing on its Southern Alberta Basin prospect for the remainder of 2012.

Primary Petroleum Corporation(TSXV:PIE) announced updates on the Saturn Prospect in Daniels County after the completion of its annual review of non-core assets. The Company approved the divestiture of the Saturn Prospect for $3,400,000. Primary Petroleum is focusing on its Southern Alberta Basin prospect for the remainder of 2012.

As quoted in the press release:

With a strong balance sheet in excess of CDN$20 million in working capital, no debt, a joint venture with a fully carried and funded US$41 million exploration program consisting of 3D seismic, six vertical test wells and six horizontal wells, Primary continues to remain focussed for the balance of 2012 on its Southern Alberta Basin prospect in Pondera and Teton counties in NW Montana.

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