Primary Petroleum Corporation to Buy Back Shares

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 26, 2011 -- December 22, 2011 - Calgary Alberta - Primary Petroleum Corporation (TSX-V: PIE; OTCQX: PETEF) ('Primary' or the 'Company') is pleased to announce that the Company intends to launch a normal course issuer bid ('Issuer Bid') to purchase up to 7,358,610 of its common shares through the facilities of the TSX Venture Exchange.

The purchase of common shares under the Issuer Bid will enable the Company to acquire its shares for cancellation. Primary believes that the market price of the Company's common shares may not reflect their underlying value and that the purchase of common shares for cancellation will increase the proportionate shareholdings of, and will be advantageous to, all remaining shareholders.

There have not been any previous purchases under a normal course issuer bid by Primary within the past 12 months.

Currently, Primary has 147,172,205 common shares issued and outstanding. The common shares that may be repurchased over a twelve-month period represent approximately 5% of Primary's 147,172,205 outstanding common shares in the public float, or 7,358,610 shares. Primary has appointed Jones Gable & Company Limited as the Participating Organization that will be conducting the Issuer Bid on behalf of Primary with purchases under the Issuer Bid being able to commenced on December 22, 2011 through to and including December 22, 2012. The amount and timing of such purchases will be determined by the Company and in accordance with TSX Venture Exchange policies.

About Primary Petroleum Corporation - Primary is a junior oil and gas company engaged in exploration and development activities in Montana and currently holds substantial land positions in two unconventional tight oil plays in North America. The Company’s mandate is to continue to acquire strategic land positions of merit in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to exploit and develop our acreage. To learn more about us, please visit our website at: www.primarypetroleum.com

For further information please contact:

PRIMARY PETROLEUM CORPORATION


Mike Marrandino, President & CEO


(403) 262-3132

More information can be found online at http://www.primarypetroleum.com

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