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Pacific Energy Signs Letter of Intent
| Source: Pacific Energy & Mining Company
RENO, NV--(Marketwire - June 15, 2009) - Pacific Energy & Mining Company (PINKSHEETS : PEMC )
today announced the execution of a letter of intent (LOI) to sell oil and
gas interests from its holdings in Grand County, Utah to BayHill Capital
Corporation ("BayHill") (OTCBB : BYHL ). PEMC will receive shares in BayHill
for its interest in Cisco oil and gas property.
Properties to be acquired from PEMC known as the Greater Cisco Field with
interests in a total of approximately 5,460 acres, have a total of 39
wells drilled with approximately 9 producing wells which are producing
from the Mancos, Dakota and Morrison Formations at depths ranging from 300
feet to 1,100 feet. Additionaly 6 wells are awaiting pipeline connection.
There is additional potential production from these formations and from the
Deeper Entrada Formation at 3,000 feet.
As set forth in the LOI, the parties will use their best efforts to compete
definitive purchase agreements in a timely manner. Closing will be
conditioned on the following: completion of an independent reserve analysis
and due diligence, agreement on the number of shares to be issued to each
of the parties, approval by the Board of Directors, shareholders, and
managers of each of the parties as required, and execution of definitive
agreements.
It is anticipated by all parties that the Board of Directors of the Company
will be reconstituted to include three directors nominated by the other
parties and one director nominated by Pacific Energy & Mining Company.
About PEMC
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 oil and gas wells in Oklahoma. Additionally PEMC owns its
interest in Brennan Bottoms Oil Field in Uintah 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.