SOURCE: PACO Oil and Gas Corporation

March 17, 2008 15:28 ET

PACO Oil and Gas Corporation to Re-Complete 16 Wells on Recently Acquired Red Fork Lease Properties

SHERMAN, TX--(Marketwire - March 17, 2008) - PACO Oil and Gas Corporation (PINKSHEETS: POGC) -- an exploration company focused on purchasing under valued oil and gas leases -- announced today that the company has acquired 80 acres on the Red Fork lease properties (Oklahoma). The properties have 6 oil and gas wells located in the lower formation that the company initially intends to re-work. In addition, management reports that there are 10 new wells that also will require drilling. PACO Oil and Gas has been aggressively pursuing under valued oil and gas properties for exploration and exploitation. The company is currently evaluating the properties and has procured equipment to begin drilling after satisfactory evaluation is complete.

www.pacopetroleum.com

About PACO Oil and Gas Corporation

PACO Oil & Gas Corporation is an exploration company focused on purchasing under valued 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 concentrate 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
    President
    PACO Oil and Gas Corporation
    940-634-1839