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Bought majority interest in Russian co., gaining proved reserves of 15.6 MMBOE.

Premier Energy Corp., Dallas, (OTCBB: PNRC) has acquired a majority interest in Russia-based Karbon CJSC for approximately US$64.4 million in stock. Premier Energy issued 107.4 million shares at approximately US$0.60 each. Karbon has interests in three producing wells on 3,213 gross acres (1,639 net) in the North-Kopanskoye oilfield in Urals Foredeep province in the Volga-Urals Basin in Russia. Production is approximately 60 barrels of oil per day. Proved reserves as of Dec. 31 were 15.6 million barrels of oil equivalent and total reserves are approximately 30.9 million barrels equivalent. Premier plans to initiate a workover of three existing wells to grow production to 380 barrels of oil per day and drill three new production wells to produce an additional 690 barrels per day. Following the deal, Alexey Goleshev, Bosko Popovic and Aslanbi Kodzokov were named executive officers and directors of Premier.