Palisades Petroleum Corp.: Successful in Acquiring Large Gold and Diamond Project in Guyana

Palisades Petroleum is pleased to announce that the Company was successful in it's negotiations for the acquisition of the gold and diamond project located in Guyana. The Company intends to move ahead quickly to get the property into test production.

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Reno, Nevada (PRWEB) September 14, 2009

Palisades Petroleum Corporation (PINK SHEETS: PAPT) (FRANKFURT: 3X2) is pleased to announce that the Company was successful in it's negotiations for the acquisition of the gold and diamond project located in Guyana.

Preliminary work has already begun on the project and Palisades expects to be producing before the early part of next year. At present, Palisades is in the process of procuring various equipment with which to begin this large mining operation.

"Palisades shareholders will now have a project that produces both gold and diamonds. This will provide an immediate source of revenues for the company. Our website will be revamped shortly to show a satellite view of the property in addition to providing detailed background information," comments Leslie Rutledge, CEO of Palisades Petroleum.

Palisades is continuing discussions, as mentioned previously, to enter into a joint venture with a company whose property is in very close proximity to this one. We are cautiously optimistic that this should be finalized soon and announced shortly thereafter.

Palisades, once again, thanks shareholders for their patience and looks forward to updating them on these exciting developments.

Palisades Petroleum Corporation
Leslie Rutledge
President

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.

Website: http://www.palisadespetroleum.com

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