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Pacific Energy & Mining Announces Negotiations for the Sale of the Company
| Quelle: Pacific Energy & Mining Company
RENO, NV--(Marketwire - October 4, 2007) - Pacific Energy & Mining Co. (PINKSHEETS : PEMC ) is
pleased to announce that it is in preliminary negotiations for the sale of
the company. Pacific Energy is in preliminary negotiations with an oil and
gas company that is listed on a major international stock exchange.
The negotiations are preliminary and involve the evaluation of the company
and its oil and gas reserves. The company estimates that combined reserves
may be over 1 million barrels of oil. The acquiring corporation would use
Pacific Energy & Mining as its vehicle for entry into the United States Oil
and Gas business.
About Pacific Energy & Mining:
Pacific Energy is a diversified company that operates oil and gas leases
throughout Utah. It also has non-operated interests in Utah and Oklahoma
and owns a 7% working interest in Brennan Bottoms. The Company is in the
process of unitizing the field with offset leaseholders, the largest of
which is Questar Company. Additionally the Company owns a 16.67% interest
in Mar/Reg Investments, a General Partnership, through which it holds
working interest in oil wells in Altamont Bluebell Oil Field in Utah.
The Company would also like to welcome all shareholders to visit our
website at www.pemc.us for detailed information.
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.