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Pacific Energy Announces Completion of the Acquisition of Oil and Gas Properties From Colorado Utah Natural Gas
| Quelle: Pacific Energy & Mining Company
RENO, NV -- (MARKET WIRE) -- April 11, 2007 -- Pacific Energy & Mining Company (PINKSHEETS : PEMC )
announces the completion of the acquisition of the oil and gas properties
from Colorado Utah Natural Gas, Inc.
The Company has placed five wells of the newly acquired wells on production
in Cisco increasing the production of the field by approximately 50 Bbls of
oil per day. The Company is in the process of reworking an additional six
wells from the acquisition that require replacement of corroded tubing and
installation of pumps and rods. The Company anticipates the aggregate
increase in production of between 80 - 90 Bbls of oil per day.
Pacific Energy, in its acquisition activities, continually reviews
opportunities to secure mineral properties, including oil and gas, whose
performance can be enhanced through further development or improved
operating efficiencies.
Pacific Energy is focused in the Rocky Mountain region, specifically in the
Uintah Basin, in Utah. Pacific Energy is anticipating the drilling and
completion of an additional four wells during 2007.
Disclaimer
The foregoing contains forward-looking information within the meaning of
The Private Securities Litigation Act of 1995. Such forward-looking
statements involve certain risks and uncertainties. The actual results may
differ materially from such forward-looking statements. The company does
not undertake to publicly update or revise its forward-looking statements
even if experience or further changes make it clear that any projected
results (expressed or implied) will not be realized.