SOURCE: Colorado Utah Natural Gas, Inc.

November 14, 2005 17:23 ET

Colorado Utah Natural Gas, Inc. Files for Initial Public Offering to Raise $30.00 Million

SALT LAKE CITY, UT -- (MARKET WIRE) -- November 14, 2005 -- Colorado Utah Natural Gas, Inc. (www.coloradoutahgas.net) proposed symbol CUNG, announced today that it has filed its registration statement SB-2 with the United States Securities and Exchange Commission to raise $30.00 million through its initial public offering. The funds raised will be used for the development of Colorado Utah Natural Gas, Inc. oil and gas reserves.

The company has completed its fourth well in Grand County, Utah, and will be completing the well to initiate sales within 30 days. To date Colorado Utah Natural Gas has drilled four wells on its Grand County, Utah, properties and will continue drilling until its reserves are completely developed.

ABOUT COLORADO UTAH NATURAL GAS

Colorado Utah Natural Gas owns leases in Grand and Uintah Counties, Utah said leases contain an estimated 17.7 Bcf of natural gas equivalent reserves. Management of Colorado Utah has over 105 years of combined experience in oil and gas in the State of Utah.

Pacific Energy and Mining Company (OTC: PEMC) based in Reno, Nevada, has an equity position in Colorado Utah Natural Gas.

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:
    www.coloradoutahgas.com
    Colorado Utah Natural Gas, Inc.

    Terry Spencer
    (801) 566-1884

    Frank Sanchez
    (800) 996-CUNG (2864)