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Colorado Utah Natural Gas, Inc. Commences Testing the Cisco Townsite Discovery

Posted on: Tuesday, 30 May 2006, 09:01 CDT

Colorado Utah Natural Gas, Inc. (CUNG) announces the results of its drilling and rework program on its properties in Grand County, Utah.

The company has drilled and completed 7 oil and gas wells on its oil and gas leases in Sections 14 and 24 of 21 South 23 East Grand County, Utah.

Of the seven wells drilled five wells were drilled to test the Morrison formation. Four wells encountered oil in the Morrison formation. Three wells were completed as oil wells. Two wells have been completed as natural gas wells in the Dakota formation and two wells were drilled to test the Ferron Gas zone.

The company placed on production two oil wells located in Section 14 and Section 22. The company successfully re-completed the 7-11 well located in Section 11 from a natural gas well to an oil well. The 7-11 well is an offset to the Adak 11-1A well, which has produced over 178,000 bbls of oil. The company owns all the proved acreage in section 11 and has applied for drilling permits to develop the same.

Currently three wells are awaiting surface facilities in order to place the oil wells on production. The company estimates that it will have approximately 10 oil and gas wells on production by the end of June 2006.

Pacific Energy and Mining Company First Petroleum (PINKSHEETS: PEMC) (PEMC) owns an interest in Colorado Utah Natural Gas, Inc.

Safe Harbor for forward-looking statements

This release contains certain statements that are "forward-looking" statements (as the term is defined in the Private Securities Litigation Reform Act of 1995). Any such forward-looking statements are inherently speculative and are based on currently available information, operating plans and projections about future expectations and trends. As such, they are subject to numerous risks and uncertainties, such as general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, and other factors over which Pacific Energy & Mining Company has little or no control. Actual results and performance may be significantly different from expectations or trends expressed or implied by such forward-looking statements. Pacific Energy & Mining Company expressly disclaims any obligation to update the statements contained in this release.

 Contact: Tariq Ahmad 775 324 2198 Contact via http://www.marketwire.com/mw/emailprcntct?id=428F07BE4E2EA871  

SOURCE: Colorado Utah Natural Gas, Inc.

Source: MARKET WIRE

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