Contact Information: Contact Information: Investor Relations Worldwide Financial Marketing, Inc. USA Int'l 1 954 360 9998 US 866 360 9998
Pacific Energy Announces 30 Proved Drilling Locations
| Source: Pacific Energy & Mining Company
RENO, NV--(Marketwire - August 5, 2008) - Pacific Energy & Mining Co. (PINKSHEETS : PEMC )
today provided estimates of 30 possible drilling locations for both
horizontal and vertical wells on its acreage in Uintah County and Grand
County, Utah.
Uintah County
PEMC has an interest in 1,800 acres North of the Brennan Bottoms lease in
Uintah County. This acreage contains twelve drilling locations on proved
acreage for both vertical and horizontal drilling. The drilling spacing is
40 acres per well. These locations have possible reserves ranging from
50,000 bbls to 300,000 bbls per location. Well costs are estimated at
approximately $2.2 million dollars for a horizontal well in Uintah County.
Additionally PEMC has entered into an agreement with Questar, whereby
PEMC's interest in Brennan Bottoms acreage will be incorporated into an
approximately 8,000-acre Unit operated Questar Exploration and Production.
Grand County
PEMC's interest in Cisco Township contains ten proved undeveloped locations
in Grand County. Reserves for these sites range from 20,000 to 160,000
bbls per location. Well costs are estimated at approximately $120,000 per
well in Grand County, Utah.
PEMC also has interest in Cisco Springs, which contains an additional eight
proved undeveloped locations. Reserves for these sites range from 20,000
to 160,000 bbls per location. Well costs are estimated at approximately
$120,000 per well in Grand County, Utah.
Satview Broadband Ltd.
PEMC has an interest in Satview Broadband Ltd., a cable television
operator. Satview is in the process of completing its fiber optic
distribution in Douglas County, Nevada.
About Pacific Energy & Mining:
Pacific Energy is a diversified company that operates oil and gas leases
throughout Utah. It also has non-operated interests in Utah and Oklahoma
and 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 Company. Additionally 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.
The Company would also like to welcome all shareholders to visit our
website at www.pemc.us for detailed information.
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.