PTT Primera Energy Resources Ltd.

Primera Energy Resources Ltd. ("Primera or the "Corporation") (TSX VENTURE:PTT)
is pleased to provide the following corporate update.


Cory Moruga Block

Completion testing of Snowcap-1, the second exploration well drilled on the
block is substantially complete. This well was designed to assess and evaluate
the production potential of three (3) different play types, namely the Eocene,
Footwall Herrera and Hanging wall Herrera zones. Following drilling to TD of
8,600 ft, four (4) potentially productive zones were tested. The primary zone of
interest (Hanging wall) in the Herrera Formation was selectively perforated at
4,597 ft to 4,603 ft and tested initial rates up to 1,450 bopd and gas at rates
up to 6.2 MMcf/d. The zone was then flow tested over a six (6) day period on a
three-point test, producing 37 degree API gravity oil at a rate stabilizing
around 578 barrels per day and a gas rate of 4.6 MMcf/d (total of 1,345 barrel
of oil equivalent per day at a 6:1 conversion). Tubing Head Pressure at the end
of the test was 600 psi. The zone produced no water on the test. Deeper
secondary targets, namely the Eocene and Footwall Herrera zones produced little
or no hydrocarbons in commercial quantities.


The Corporation views these results as very significant as the first well tested
in the exploration program. Follow up appraisal well(s) are required to
determine the Hanging wall Herrera reservoir areal extent, oil leg, gas cap
structural positions and potential hydrocarbon height. 


The Corporation will be meeting with the Operator under the Joint Operating
Agreement to determine the next steps to get this well on stream and to do
follow up drilling. 


Parex Resources (Trinidad) Ltd., ("Parex") the Operator of the Cory Moruga Block
under the Farmout Agreement, is mobilizing a drilling rig back to the
Firecrown-1 location. As reported earlier, based on open-hole wireline logs, mud
logs and cutting samples, this well encountered hydrocarbon bearing sandstones
with oil shows from measured depths of approximately 6,600 ft to 7,200 ft and
8,150 ft to 8,275 ft in the Herrera Formation. Drilling was suspended due to
well bore integrity problems. The well will be deepened to the commitment depth
of 10,500 ft to investigate deeper prospective horizons, following which all
potentially productive zones will be tested including the Herrera Formation.


In addition to the Snowcap-1 discovery and Firecrown-1 pending operations, the
Corporation has several additional "high impact" prospects that have been
seismically identified on the block and regulatory approval is being sought to
conduct future exploration drilling. 


The Corporation has a 16.2% working interest in the block (post earning).

Block WD-4

With the recent tax incentives to Primera's fiscal regime for drilling becoming
effective January 1st 2011, Primera is mobilizing to resume its drilling program
for the WD-4 block. These recent revisions to fiscal regime will improve
profitability of block.


The Company is currently sourcing a drilling rig to commence its 2011 drilling
campaign, having received the necessary regulatory approvals. The first well to
be drilled, PS 131 RD will target the prolific Lower Forest formation and will
be drilled to a total depth of 5600 feet.


Primera has identified 12 sites for their present drilling program and is
continuing with its reservoir characterization study which is aimed primarily at
identifying additional drilling opportunities on the block.


A barrel of oil equivalent (boe) is derived by converting gas to oil in the
ratio of six thousand cubic feet of gas to oil and may be misleading,
particularly if used in isolation. A boe conversion is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead, especially in various
international jurisdictions.


About PERL

PERL is a TSX Venture Exchange listed issuer which currently produces
approximately 275 barrels of oil per day pursuant to a lease operatorship in
South Central Trinidad, has a 16.2% entitlement to the Cory Moruga Block and a
10% entitlement to a Production Sharing Contract for onshore India block
CB-ONN-2005/11. The prospect has significant potential and regional implications
for PERL.


PERL currently has an approximate working capital surplus of $3.9MM and
approximately 55.4 million common shares outstanding. 


Statements in this press release may contain forward-looking information
including expectations of future operations, operating costs, commodity prices,
administrative costs, commodity price risk management activity, acquisitions and
dispositions, capital spending, access to credit facilities, income and oil
taxes, regulatory changes, and other components of cash flow and earnings. The
reader is cautioned that assumptions used in the preparation of such information
may prove to be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, a result of numerous known and unknown
risks, uncertainties, and other factors, many of which are beyond the control of
the issuer. These risks include, but are not limited to, the risks associated
with the oil and gas industry, commodity prices and exchange rate changes.
Industry related risks could include, but are not limited to, operational risks
in development and production, delays or changes in plans, risks associated to
the uncertainty of reserve estimates, or reservoir performance, health and
safety risks and the uncertainty of estimates and projections of production,
costs and expenses. The reader is cautioned not to place undue reliance on this
forward-looking information.

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