SOURCE: Pacific Energy & Mining Company

March 06, 2007 06:30 ET

Pacific Energy Announces Acquisition of Squaw Canyon Field

RENO, NV -- (MARKET WIRE) -- March 6, 2007 -- Pacific Energy & Mining Company (PINKSHEETS: PEMC) announces the acquisition of a 50% interest in the Squaw Canyon Field in San Juan County, Utah. The wells are in the process of being put on production. The field produces from the Desert Creek formation. The Company is in the process of conducting a geological and engineering study to determine development potential of the reservoir.

Pacific Energy & Mining is a diversified company with oil and gas interests in Utah through its current acquisition of the assets of Colorado Utah Natural Gas, Inc., a 7% working interest in the Brennan Bottoms Oil Field in Uintah County, Utah, and a 50% revenue interest in the Cisco Springs Oil Field in Grand County, Utah.

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 and interest in numerous non-operated oil and gas wells in Oklahoma.

Pacific Energy also owns 80% of the outstanding shares of Pakistan Chrome Mines Ltd., a mining company with interests in over 34,000 acres of chromite and magnesite leases in Baluchistan, Pakistan. The leases mineral reserves contain an estimated 4 million tons of chromite and magnesite.

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
    310 410-4426

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