Primary Petroleum reports that the recent funding has eliminated all debts and has working capital of approximately $1.2 million.
Primary holds 100% Working Interest (“W.I.”) in approximately 130,000 net acres in two Bakken potential prospects in Montana. Its Teton – Pondera lands consist of approximately 110,000 net acres [167 sections] and are located within the ‘Bakken fairway’ and on trend with the recently acquired acreage by Rosetta Resources of 280,000 acres and Newfield Exploration of 220,000 acres.
Mike Marrandino, President & CEO od Primary Petroleum says:
“The ongoing drilling activity by both Rosetta and Newfield is very encouraging, which may prove a new Bakken discovery in Western Montana.” “For a junior oil and gas public company, Primary’s shareholders are in a very enviable position having a large land position strategically located in close proximity of two majors like Rosetta and Newfield’s.”