SOURCE: Pacific Energy & Mining Company

August 05, 2008 06:30 ET

Pacific Energy Announces 30 Proved Drilling Locations

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.

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