Precision Petroleum Corp. is an independent energy company whose shares trade on the OTC Bulletin Board. The Company engages in the acquisition, exploration and development of oil and natural gas properties in North America. Founded in 2007, Precision Petroleum Corp. has their headquarters in Shawnee, Oklahoma.
The Company’s objective is to seek out and develop opportunities in the oil and natural gas sectors that represent a low risk opportunity. Furthermore, they aim to define larger projects that they can develop with Joint Venture Partners.
Precision currently owns interest in over 26 producing properties in Oklahoma. The Company is actively exploring and producing projects in the state of Oklahoma, and is in negotiations to acquire new oil and gas prospects in the State. The Company currently has 13 active wells in this region.
Earlier this month, Precision Petroleum Corp. announced that they are in the process of having their Plummer #1 and Plummer #2 wells recompleted by the operator of record in order to enhance their current oil production. Located in Garvin County, Oklahoma, the wells are within one-half mile of each other, which makes this a cost effective venture.
Mr. Richard Porterfield, President of Precision Petroleum Corp., believes there is a viable possibility of sustained oil production from both of these wells for many years to come. In addition, an available field saltwater disposal well increases the profitability of the area.