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Pacific Energy Withdraws From Acquisition of Natural Gas Properties
| Source: Pacific Energy & Mining Company
RENO, NV--(Marketwire - March 2, 2009) - Pacific Energy & Mining Company (PINKSHEETS : PEMC )
announces the withdrawal of the acquisition of a 50% operating interest in
16 natural gas wells in the State of New Mexico. After review of the well
conditions and further "Due Diligence," the Company chose to reverse its
planned acquisition of the property.
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.