SOURCE: Pacific Oil Co

Pacific Oil Co

March 04, 2014 07:30 ET

Pacific Oil Company Increases Offer to Include an Additional Four Producing Wells on Adjacent Property

LAS VEGAS, NV--(Marketwired - Mar 4, 2014) - Pacific Oil Company ("Pacific Oil" or the "Company") (OTC: POIL), announced today that it increased its previously announced offer to purchase producing heavy oil wells to include an additional four producing wells located on an adjacent property. Including the additional four wells, the Company's offer is now to purchase a total of sixteen producing heavy oil wells located in Maidstone, Saskatchewan, Canada. The initial purchase offer was announced on February 11, 2014.

Ed Loven, Vice president of Pacific Oil, said, "These four wells represent 35-40 barrels per day of additional production. Having our wells concentrated in such close proximity is an operational plus as it increases efficiency and reduces production costs per barrel. We like the Maidstone area, we like heavy oil and we like the price at which these assets can be acquired."

About Pacific Oil Company:

Pacific Oil is a dynamic junior energy company with assets and production within the energy rich province of Saskatchewan, Canada. The Company's strategy is to grow rapidly through low risk acquisitions, as well as through further development of existing properties. Pacific Oil's management believes that a balance must be struck between short term profitability and long term growth. Tight cost control is maintained in order to maximize both operational efficiency and shareholder value. Capital expenditures are carefully scrutinized to minimize risk and maximize value-added.

Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although management believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the company's annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission

Contact Information

  • CONTACT:
    Pacific Oil Company
    Ed Loven
    1 888 303 2272
    ir@poil.us
    10120 W. Flamingo Rd., #4 - 240
    Las Vegas, NV 89147
    USA