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Pacific Energy Receives Approval in Johnson Bottoms Unit
| Source: Pacific Energy & Mining Company
RENO, NV--(Marketwire - September 10, 2009) - Pacific Energy & Mining Company (PINKSHEETS : PEMC )
is pleased to announce today that it has received approval from the Bureau
of Land Management (BLM) of a unitization agreement of the Johnson Bottoms
Unit in Uintah County, Utah. This agreement unitizes Pacific Energy and
Mining Company's (PEMC) property in Brennan Bottoms with property held by
Questar Exploration and Production Company, Cimarex Energy Co., and others.
An operating Unit involves interest owners in numerous contiguous leases
producing in the same reservoir combining their interests into one
production Unit. PEMC will benefit from the production from the other
leases.
Questar currently has one well permitted and expects to commence drilling
in the newly formed Unit this fall.
For further information on the Unit agreement visit www.pemc.us
PEMC has withdrawn its Letter of Intent to sell oil and gas interests from
its holdings in Grand County, Utah to BayHill Capital Corporation (OTCBB : BYHL ). The Company has determined other properties participating in the
venture were not sufficiently viable to properly benefit the shareholders
of PEMC.
About PEMC
The Company through a General Partnership holds working interest in oil
wells in Cedar Rim Oil Field in Utah and working interest in numerous
non-operated oil and gas wells in Oklahoma. Additionally PEMC owns
interest in Brennan Bottoms Oil Field in Uintah County, Utah, and interests
in oil and gas fields in Grand County, Utah.
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.