Primera Energy Resources Ltd. (TSX-V:PTT) Releases Q3-2010 Financial Results

Primera Energy Resources Ltd. ("Primera" or the "Company") (TSX VENTURE:PTT) is
pleased to announce a 26% increase in oil production per day in the third
quarter of 2010. Also, revenue was 29% higher for the nine month period ended
September 30, 2010 with $5,408,764 due to the increased sales volumes and higher
commodity prices.


In the third quarter of 2010, operating costs per barrel was $6.40 which was
significantly lower than the $11.88 per barrel in 2009. This and the higher
realized oil price resulted in 34% higher cash flow from operations in the last
year at $418,234 compared to $312,724 in the third quarter of 2009.


Primera had a working capital surplus of $3,588,001 as of September 30, 2010,
which included cash of $4,345,479 and no bank debt, compared to a working
capital surplus of $1,432,098 in the same period last year. 


The Company has spent $2,063,581 during the nine-month period ended September
30, 2010 on capital expenditures with $589,405 for Cory Moruga drilling costs
based on the 5% participating interest in the farm out agreement and $1,474,176
on WD4 drilling costs compared to $360,426 in 2009.


Completion operations for the two Cory Moruga wells (Firecrown-1 and Snowcap-1),
which were drilled earlier in 2010, will commence once regulatory approvals in
Trinidad are received. The Snowcap-1 well has now received environmental
approval for multi-zone testing. This well is expected to commence testing by
the operator in early December 2010 however the Firecrown-1 well is not expected
to be tested until early 2011.


In the Budget statement for fiscal year 2011, the government of Trinidad &
Tobago announced that the Government will implement sustainability incentives
for mature marine and small marine oil fields. These incentives will provide for
a reduction of 20 percent on Supplemental Petroleum Tax rates for mature or
small marine oilfields. An Investment Tax Credit of 20 percent on qualifying
capital expenditure will also be granted in respect of Supplemental Petroleum
Tax for mature oil fields, both land and marine. These measures will take effect
from January 1st 2011, and will require amendments to the Petroleum Taxes Act.


Based on the incentives stated above, Primera expects to achieve an approximate
increase of approximately 16% on its netback, corresponding to an increase in
net profits of approximately US$ 120,000 annually at current production levels
and commodity prices.


Primera's Q3-2010 financial statements and management's discussion & analysis
have been filed on SEDAR, which accessed electronically from www.sedar.com.


Statements in this press release may contain forward-looking information
including expectations of future operations and plans. 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.

Primera Energy Resources Ltd. (TSXV:PTT)
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