Premier Energy Intends to Resume Development Drilling in Russia

Premier Energy Corp. has announced that it signed a non-binding Letter of Intent with Rossgaz LLC to purchase the remaining interest in Karbon CJSC, a closed join stock company incorporated in the Russian Federation. Concurrently, a series of meetings have been successfully completed regarding the proposed funding of the planned development drilling program for the North-Kopanskoye Oilfield in 2009.

Karbon CJSC is preparing to resume the planned development drilling subject to (i) successful completion of drilling agreements, (ii) release of the needed funds and (iii) Premier’s board approval.

The above transactions including the acquisition of the remaining interest in Karbon, CJSC and the commencement of drilling are subject to the (i) drafting and negotiation of final definitive agreements, (ii) performing due diligence as well as (iii) board approval of Premier and Rossgaz and (iv) shareholder approval of Rossgaz. Further, Premier is required to raise the needed capital for the purchase of remaining interest in Karbon, CJSC as well as to support working capital. There is no guarantee that such financing 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 commence drilling.

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 Corp.
Dr. Anton Prodanovic, 214-208-3283
Anton@premenerco.com