PACO Oil &Amp; Gas Inc. Signs Farm Out Agreement With Oil and Gas Operating Firm to Develop Wolf Lease Properties
Posted on: Wednesday, 1 October 2008, 18:00 CDT
PACO Oil & Gas Inc. (PINKSHEETS: POGC) (FRANKFURT: 4IP) has completed an agreement with a local Oil and Gas Operating firm to begin the re-working of existing non-producing wells on the Wolf Lease Properties in Young County, Texas. The firm will take full fiscal responsibility for the re-working operations on the 300 acre Wolf Oil and Gas properties. PACO Oil & Gas in turn will receive a percentage of the profits from the sale of the recovered oil without incurring additional expense. The operators possess their own drill rig equipment and expect to begin exploration within the next 60 days. PACO Oil & Gas Inc. is currently operating debt free and has positioned itself to remain economically stable and has not been affected by the recent economic turbulence in the U.S.
About PACO Oil & Gas Inc.
PACO Oil & Gas Inc. is an exploration company focused on purchasing under valued oil and gas leases with little or no production in the United States. Its experienced technical team then increases the leases production thereby significantly increasing the value.
PACO Oil & Gas concentrates its efforts on developing under valued well communities into micro scale production facilities. These working assets have all been refurbished and outfitted with the latest in oil recovery equipment. Since many of these assets are shallow wells, former owners were technically unable to reach deeper deposits. PACO has the technical team to go further and more efficiently.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may,""will,""should,""could,""expects,""plans,""intends,""anticipates,""believes,""estimates,""predicts,""forecasts,""potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Contact: Librada Thomas President PACO Oil & Gas Inc. 940-634-1839 www.pacopetroleum.com
SOURCE: PACO Oil & Gas Inc.
Source: MARKET WIRE
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