SOURCE: Pacific Energy & Mining Company

October 04, 2007 09:30 ET

Pacific Energy & Mining Announces Negotiations for the Sale of the Company

RENO, NV--(Marketwire - October 4, 2007) - Pacific Energy & Mining Co. (PINKSHEETS: PEMC) is pleased to announce that it is in preliminary negotiations for the sale of the company. Pacific Energy is in preliminary negotiations with an oil and gas company that is listed on a major international stock exchange.

The negotiations are preliminary and involve the evaluation of the company and its oil and gas reserves. The company estimates that combined reserves may be over 1 million barrels of oil. The acquiring corporation would use Pacific Energy & Mining as its vehicle for entry into the United States Oil and Gas business.

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.

Contact Information

  • Contact Information:

    Investor Relations
    Worldwide Financial Marketing, Inc. USA
    Int'l 1 954 360 9998
    US 866 360 9998
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