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Pacific Energy & Mining Updates Shareholders
| Source: Pacific Energy & Mining Company
RENO, NV--(Marketwire - June 26, 2007) - Pacific Energy & Mining Co. (PINKSHEETS : PEMC ) is
pleased to provide the following updates to its shareholders:
Brennan Bottoms:
The Company has updated the reserve study for Brennan Bottoms. Brennan
Bottoms Field has 3.9 million barrels of oil to be recovered. Current
production from the three oil wells on production is 45 bbls of oil per
day. It is estimated that the production from enhanced recovery should
result in the production increasing to 450 bbls per day. Pacific 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 Exploration and Production
Company.
The Company will be posting its financial statements for the quarter ending
June 30, 2007 during the second week of July. The financial statements
will be posted on the Company's web site.
Cisco:
The Company is in the process of negotiating a new natural gas sales
contract. The Company expects to commence sales of natural gas during the
third quarter of 2007. The Company is installing two low-pressure natural
gas compressors in order to deliver the natural gas to the sales pipeline.
Four natural gas wells will be put on production through the low-pressure
natural gas gathering system. The company estimates the wells to produce
approximately 6,000,000 cubic feet of natural gas per month.
Pacific Energy & Mining is a diversified company that operates oil and gas
leases throughout Utah. It also has non-operated interests in Utah and
Oklahoma. The Company would also like to welcome all new shareholders
present or future to visit our website at www.pemc.us.
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.