SOURCE: Pacific Energy & Mining Company

October 13, 2006 06:15 ET

Pacific Energy & Mining Announces Initial Sales of Natural Gas

RENO, NV -- (MARKET WIRE) -- October 13, 2006 -- Pacific Energy & Mining Company (PINKSHEETS: PEMC) announced initial sales of natural gas from the Cisco field in Grand County, Utah.

The following natural gas wells were opened into the sales line at Cisco, Utah:

Sweetheart 2A
14-02
Smyth White State #2
The wells are flowing into a gathering system. The gas flow will be increased incrementally to achieve a maximum production rate. The Cisco Field acreage has at least 30 additional natural gas well locations to be drilled.

Oil and Gas Reserves

Pacific Energy & Mining Company's net reserves are estimated 8.85 Billion cubic feet of natural gas equivalent reserves. The Company acreage in Uintah County contains an estimated 40 million barrels of oil in place. Currently there are four oil wells on production. The company will participate in the drilling of a fifth oil well in Brennan Bottoms Field. The target depth of the well is 7200 feet which will produce oil from the Greenriver formation. Questar is the largest lease owner in the area.

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

  • Contact Information:
    Dan Green
    310-418-1329