Contact Information: Contact Information: Dan Green 310 418 1329
Pacific Energy Announces Acqusition of Flagstone Mining Property
| Source: Pacific Energy & Mining Company
RENO, NV -- (MARKET WIRE) -- February 14, 2007 -- Pacific Energy & Mining Company (PINKSHEETS : PEMC )
announces the acquisition of a 20% interest in Flagstone Mining LLC.
Flagstone Mining has flagstone deposits in Muskogee County, Oklahoma. The
mine capacity is 15,000 tons per year with gross revenues of $1.5 million
and net income of $1.2 million.
Pacific Energy & Mining is a diversified company with oil and gas interests
in Utah through its 50% ownership in Colorado Utah Natural Gas, Inc.
(www.coloradoutahgas.net), a 7% working interest in the Brennan Bottoms Oil
Field in Uintah County, Utah, and a 50% revenue interest in the Cisco
Springs Oil Filed in Grand County, Utah.
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 working interest in oil and gas wells in Oklahoma.
Oil and Gas Reserves
Pacific Energy & Mining Company's net reserves are estimated 8.85 Billion
cubic feet of natural gas equivalent reserves. The Company acreage in
Uintah County contains an estimated 25 million barrels of oil in place.
Currently there are 4 oil wells on production with a production capacity of
35 bbls of oil per day. The field will be unitized for a waterflood.
Studies are being conducted to determine the field development plan. The
producing formation in this field is the Greenriver formation. Questar is
the largest lease owner in the area.
Pacific Energy also owns 80% of the outstanding shares of Pakistan Chrome
Mines Ltd., a mining company with interests in over 34,000 acres of
chromite and magnesite leases in Baluchistan, Pakistan. The leases mineral
reserves contain an estimated 4 million tons of chromite and magnesite.
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.