SOURCE: PACO Oil and Gas Inc.

November 16, 2007 10:50 ET

PACO Oil and Gas Inc. Acquires 105-Acre Olson Oil and Gas Lease Properties

SHERMAN, TX--(Marketwire - November 16, 2007) - PACO Oil and Gas Inc. (PINKSHEETS: POGC), an exploration company focused on purchasing undervalued oil and gas leases, confirmed today that the company has acquired the Olson oil and gas lease properties in the County of Washington, Oklahoma. At present, there are 5 wells (non producing) on the 105-acre properties ready for re-completion. PACO's intentions are to carefully evaluate the potential of each well before the commencement of any re-completion work. Previous evaluations on the Olson lease property indicate the possibility of one or more additional wells yet to be discovered. By 2004 Oklahoma's cumulative production has reached more than 14.7 billion barrels of oil and it remains the fifth-largest oil producer in the country. The State of Oklahoma's consumption of petroleum products is about 50 percent greater than its production of crude oil. PACO Oil and Gas Inc. expects to begin primary assessments on the Olson wells within the next two weeks.

About PACO Oil and Gas Inc.

PACO Oil & Gas Inc. is an exploration company focused on purchasing undervalued oil and gas leases with little or no production in the United States. Its experienced technical team then increases the leases' production thereby significantly increasing the value.

PACO Oil & Gas concentrates its efforts developing under valued well communities into micro scale production facilities. These working assets have all been refurbished and outfitted with the latest in oil recovery equipment. Since many of these assets are shallow wells, former owners were technically unable to reach deeper deposits. PACO has the technical team to go further and more efficiently.

Forward-Looking Statements

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

Contact Information

  • Contact:
    Librada Thomas
    PACO Oil and Gas Inc.