2010-01-14-2009-11-02

To acquire 2 Russian companies with interests in North/South Chernushinskoye Field in Perm region.

Premier Energy Corp., Dallas, (OTCBB: PNRC) plans to buy Speckrit LLC and the remaining 49% interest in Karbon CJSC, both subsidiaries of Rossgaz LLC, for $65 million in cash. The deal will increase Premier's presence and production in Russia. Premier said it must raise $65 million and gain stockholder and board approvals before the deal was to be finalized. Further evaluation and development of the properties is estimated to cost an additional $45 million. Speckrit has a 20-year exploration and exploitation license granted in 2005 for South-Chernushinskoye Field in the Perm region and owns all existing oil production and processing facilities at the field. It also has export rights to oil refineries at foreign destinations. Its majority-owned subsidiary Alba Oil LLC has a 25-year exploration and exploitation license granted in 2003 for North Sorokinskoye Field in the Tyumen region. Premier already owns 51% of Karbon, which has an exploration and production license for North-Kopanskoye Field in the Orenburg region of the Volga-Urals Basin. The transaction was required to have closed by Nov. 10.