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Standard & Poor's Initiates Factual Stock Report Coverage on Pryme Oil & Gas Ltd.

Posted on: Tuesday, 24 April 2007, 15:00 CDT

Standard & Poor's announced today that it has commenced Factual Stock Report coverage on Pryme Oil & Gas Ltd.

Pryme Oil & Gas Ltd. (OTC:POGLY), an Australian company, is an oil and natural gas producer and explorer operating onshore in the U.S. with interests and focus in the Gulf States and Texas. Projects are currently located throughout Louisiana.

The LaSalle Parish Project is located in LaSalle Parish in the Wilcox Basin in east-central Louisiana. Pryme purchased its interest in this project on April 1, 2006. Four development/step-out oil wells were drilled in 2006, bringing to 25 the total number of producing wells in this project as of February 2007.

Pryme holds a 52% working interest in the Turner Bayou 3D seismic project. A drilling program for the project is scheduled to begin in July 2007. The final permitted size of the Turner Bayou project is 85.42 square miles (54,674 contiguous acres). According to the company, prospective reserves are in the vicinity of 150 billion cubic feet (78 billion cubic feet net to Pryme) of natural gas from all intervals combined, unadjusted for risk.

The Raven Project consists of drilling in the fairway of the prolific Cotton Valley natural gas trend in Lincoln Parish, LA. Pryme has elected to retain an undivided 40% working interest in this project for its own account, which includes a carried working interest.

The Kestrel Project is fully leased and is being marketed to third parties for project funding. Kestrel is located in Calcasieu Parish, LA and has a two-well potential located on 320 consolidated acres. The project will be drilled to 13,500 feet, targeting four Hackberry natural gas and condensate (oil) sands.

The Condor Project is located along the Tuscaloosa Trend in central Louisiana. The Condor project area includes multiple Tuscaloosa targets within the Comite Field. Pryme expects to have leasing completed by June/July 2007. Phase 1 of the project includes assembling leases on two Tuscaloosa prospects with target depths of 17,500 to 18,000 feet. Phase 2 consists of pursuing deeper, exploratory opportunities in the southern portion of the field.

This report will also be accessible on an ongoing basis to the investment community ---- scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts.

About Standard & Poor's Factual Stock Reports

This Standard & Poor's service provides factual research coverage enabling information about Pryme Oil & Gas Ltd and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company's fundamentals and business prospects. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.

Standard & Poor's Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor's. Standard & Poor's Factual Report research has no access to non-public information received by other units of Standard & Poor's. Standard & Poor's does not trade on its own account.

Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P's STARS research) are eligible to obtain this coverage.

About Standard & Poor's

Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 7,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.

Source: Business Wire

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