PR

Wednesday August 2, 2:08 PM EDT

SALT LAKE CITY, Aug 02, 2006 (BUSINESS WIRE) -- PrimeHoldings.com Inc. (Pink Sheets: PMHJ), a diversified holding company with early mover initiatives in the oil and gas industry, today announced it has entered into a letter of intent to acquire the drilling rights of a 30-mile extension of the Anton-Irish field, a prolific Lower Clearfork Reef oil field that has produced over 220 million barrels of oil since its discovery in 1946 by Humble Oil.

"In 2001, the current operator of the Anton-Irish field, Occidental-Permian, began drilling into the Wolfcamp dolomite. To date they have 33 new wells that have produced over 6 million barrels of oil," stated Thomas Aliprandi, CEO of PrimeHoldings. "The leasehold has been compiled using well log data from deep wells drilled in the area, seismic interpretation and radiometric surveys. The extension reef structure mapped is over three times the potential of the Anton-Irish reef," Aliprandi continued.

For additional information about PrimeHoldings.com, go to www.stockinformationsystems.com and search for PMHJ.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

SOURCE: PrimeHoldings.com Inc.

CONTACT: PrimeHoldings.com Inc., Salt Lake City Thomas Aliprandi, 801-755-6859 ir@primeholdings.com