Pacific Energy Announces Barclay Well Pays Out Five Times

RENO, NV--(Marketwire - August 3, 2010) -  Pacific Energy & Mining Company (PINKSHEETS: PEMC) announces that it has acquired its interest in the Barclay 2-26C6R well in the Cedar Rim Oil Field in Duchesne County, Utah. The well has to date recovered more than 5 times the cost of drilling and completion. The well is currently producing at a rate of over 100 BOPD and 500 MCF of natural gas per day. The well has produced over 386,000 bbls of oil and 818,000 MCF of natural gas. El Paso Exploration and Production is the operator of the well. 

Operators in the Ceder Rim Field had requested and have received spacing of 160 acres per well from the existing 320 acres per well. Pacific Energy owns various interests in over 13 sections (square miles) of the Cedar Rim Oil Field. Additional wells are to be drilled in the sections over the next few years to completely develop the field.

Cisco Oil and Gas Field

Pacific Energy has placed on production three oil wells and is in the process of evaluating three wells to place the same on production. Currently, Pacific Energy has seven oil wells and one gas well on production. Six natural gas wells are awaiting a pipeline connection.

About PEMC

The Company through a General Partnership holds working interest in oil wells in Cedar Rim Oil Field in Utah and working interest in numerous non-operated oil and gas wells in Oklahoma. Additionally PEMC owns interest in Brennan Bottoms Oil Field in Uintah County, Utah, and interests in oil and gas fields in Grand County, Utah.

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.

Contact Information:

Contact:
Worldwide Financial Marketing, Inc. USA
Investor Relations
Int'l 1 954 360 9998
US 866 360 9998