Pacific Energy Announces Completion of the Acquisition of Oil and Gas Properties From Colorado Utah Natural Gas
Posted on: Wednesday, 11 April 2007, 06:00 CDT
Pacific Energy & Mining Company (PINKSHEETS: PEMC) announces the completion of the acquisition of the oil and gas properties from Colorado Utah Natural Gas, Inc.
The Company has placed five wells of the newly acquired wells on production in Cisco increasing the production of the field by approximately 50 Bbls of oil per day. The Company is in the process of reworking an additional six wells from the acquisition that require replacement of corroded tubing and installation of pumps and rods. The Company anticipates the aggregate increase in production of between 80 - 90 Bbls of oil per day.
Pacific Energy, in its acquisition activities, continually reviews opportunities to secure mineral properties, including oil and gas, whose performance can be enhanced through further development or improved operating efficiencies.
Pacific Energy is focused in the Rocky Mountain region, specifically in the Uintah Basin, in Utah. Pacific Energy is anticipating the drilling and completion of an additional four wells during 2007.
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.
Contact Information Dan Green 310 410-4426 Worldwide Financial Marketing, Inc. USA Investor Relations Int'l 954 360 9998 US 866 360 9998 Contact via http://www.marketwire.com/mw/emailprcntct?id=E869E3C42CE41474
SOURCE: Pacific Energy & Mining Company
Source: MARKET WIRE
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