Palisades Petroleum Corporation: Progress in Drilling on the Oil & Gas Property Located on the North Buffalo Montana, USA Property

Palisades Petroleum Corporation (PINK SHEETS:PAPT) -

The company is pleased to announce that the drilling and development process for the wells on the North Buffalo property, located in Chouteau County, Montana, USA has commenced.

The registration of drilling permits and surveying of the leases to specifically spot the well drilling pads is currently underway and drilling contracts are presently being negotiated. The company expects to announce a drilling schedule within a few days.

The Oil and Gas technical evaluation team has presented the company with a number of additional advanced drilling properties located in the Rocky Mountain region of the USA. These properties will be targeted for acquisition and development in accordance with the company's strategic growth policy.

Palisades Petroleum Corporation continues to be an attractive proposition for investment dollars, which shall be required to further the scope of drilling operations as the company moves forward with its plan to drill and complete a number of producing wells in the Rocky Mountain Region of the United States of America.

Further information on the progress of the Companies activities will be presented on a timely basis.

Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and seismic reports; the ability to close the acquisition of Oil and Gas exploration properties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Palisades Petroleum Corporation filings with the Pink Sheets LLC and may be accessed at http://www.pinksheets.com.

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