2009-12-11 20:20:31 -

Premier Energy Corporation (OTCBB: PNRC), a U.S. based international oil and gas company organized under the laws of the State of Florida, announced today that it signed a Securities Purchase Agreement with Rossgaz LLC, a limited liability company incorporated in the Russian Federation, to acquire all of the issued and outstanding securities of Speckrit LLC owned by Rossgaz.

Speckrit LLC, a limited liability company incorporated in the Russian Federation, holds a 20-year exploration and exploitation license granted in 2005 for the South-Chernushinskoye Field in the Perm Region. Speckrit owns all existing oil production and processing facilities at the field and has export rights to oil refineries at foreign destinations.
Speckrit’s majority-owned subsidiary Alba Oil LLC, also incorporated in the Russian Federation,

holds a 25-year exploration and exploitation license granted in 2003 for the North-Sorokinskoye Field in the Tyumen Region.

Premier Energy Corporation’s strategy is to widen its presence and increase oil, gas and condensate production in Russia. The Company currently owns majority interest of Karbon CJSC, a closed join stock company incorporated in the Russian Federation. Karbon holds exploration and production license for the North-Kopanskoye Field in the Orenburg Region in the Volga-Urals Basin.

Premier Energy Corporation is responsible for raising all capital for the cash consideration of $65 million to be used to acquire the securities and retire outstanding debt. Upon acquisition, the Company would need to secure additional $45 million for further evaluation and development of the acquired oilfields. There is no guarantee that the above financings will be available at all or, if available, that the terms will be acceptable. As such, there is no guarantee that Premier will be able to successfully close the above transaction or, if it does close, that it will be able to adequately capitalize its operations.

About Premier Energy


Premier Energy Corp., through its majority-owned Russian subsidiary, Karbon CJSC, is engaged in the business of producing oil and gas from the North-Kopanskoye Oilfield, exploring and, if warranted, developing new commercial reserves of oil and gas. Certain information included in this press release and Company filings (collectively, SEC Filings) under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (as well as information communicated orally or in writing between the dates of such SEC filings), contains or may contain forward looking information that is subject to certain risks, trends and uncertainties regarding the Company's ability to raise capital and international, national and local economic conditions described from time to time in our filings with the Securities and Exchange Commission.



Premier Energy CorporationDr. Anton Prodanovic, 214-208-3283 Anton@premieroilco.com : mailto:Anton@premieroilco.com