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Pacific Energy Acquires Natural Gas Properties
| Source: Pacific Energy & Mining Company
RENO, NV--(Marketwire - January 14, 2009) - Pacific Energy & Mining Company (PINKSHEETS : PEMC )
announces the acquisition of a 50% operating interest in 16 natural gas
wells in the State of New Mexico. The wells are on a 2,000 plus acre lease
in Sandoval County. Pacific Energy will be placing the natural gas wells
on production during the month of February 2009. The wells are estimated
to produce 250,000 cubic feet of natural gas per day. The market price of
natural gas is approximately $5.00 per 1,000 cubic feet. Pacific will
evaluate the production and determine the feasibility of drilling
additional wells or deepening some of the wells.
In July 2008, the Company entered into a Farmout Agreement with Questar
Exploration and Production Company. Questar is still waiting on final
approval from the United States Bureau of Land Management. Additionally
the Company holds interest in the Brennan Bottoms oil field. Brennan
Bottoms is composed of approximately 1,700 acres of Federal leases.
In Cisco, Utah the Company holds a direct interest in Cisco Springs oil and
gas field (11 wells) and in Cisco Township oil and gas field (10 wells.)
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 and working interest in numerous
non-operated oil and gas wells in Oklahoma.
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.