SOURCE: Pacific Energy & Mining Company

February 14, 2007 06:30 ET

Pacific Energy Announces Acqusition of Flagstone Mining Property

RENO, NV -- (MARKET WIRE) -- February 14, 2007 -- Pacific Energy & Mining Company (PINKSHEETS: PEMC) announces the acquisition of a 20% interest in Flagstone Mining LLC. Flagstone Mining has flagstone deposits in Muskogee County, Oklahoma. The mine capacity is 15,000 tons per year with gross revenues of $1.5 million and net income of $1.2 million.

Pacific Energy & Mining is a diversified company with oil and gas interests in Utah through its 50% ownership in 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 Filed in Grand County, Utah.

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

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 25 million barrels of oil in place. Currently there are 4 oil wells on production with a production capacity of 35 bbls of oil per day. The field will be unitized for a waterflood. Studies are being conducted to determine the field development plan. The producing formation in this field is the Greenriver formation. Questar is the largest lease owner in the area.

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.


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