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Pacific Energy Announces Sale of Property
| Source: Pacific Energy & Mining Company
RENO, NV -- (MARKET WIRE) -- March 8, 2007 -- Pacific Energy & Mining Company (PINKSHEETS : PEMC )
announces that it has entered into an agreement to sell 180 acres of its
fee land in Grand County, Utah for $290,000.00. Pacific will keep the
mineral rights as well as 10 fee acres. Pacific expects to close the
sale of the property within the next 30 days. Proceeds from the sale will
be used to rework three wells, which the company expects will increase oil
production, by an estimated 40 bbls per day.
The 10 acres of land that Pacific is keeping includes a 6 x 60 foot rotary
kiln and associated equipment as well as foundations for the rotary kiln.
The company is considering developing an industrial project, such as
calcining, thus utilizing both the rotary kiln and its own natural gas.
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.