SOURCE: PACO Oil and Gas Inc.

June 09, 2008 15:51 ET

PACO Oil and Gas Inc. Acquires Drill Rig to Be Used on Recently Acquired Oklahoma Oil Lease Properties

SHERMAN, TX--(Marketwire - June 9, 2008) - PACO Oil and Gas Inc. (PINKSHEETS: POGC) (FRANKFURT: 4IP) -- an exploration company focused on purchasing under-valued oil and gas leases announced today that the company has acquired a drill rig that will be used for production on PACO's oil lease properties in Oklahoma. The drill rig is currently being refurbished and prepared to begin a drilling program on the Little Fox, Red Fork or Wolf Lease properties. The high demand on gas and oil supplies has revived domestic oil exploration in the United States, but it has also caused a shortage of oil rigs and other drilling equipment. The company considers this acquisition timely and opportune. PACO Oil and Gas Inc. is completing its AFE evaluations that will help further develop a strategic drilling program in these areas.

About PACO Oil and Gas Inc.

PACO Oil & Gas Inc. 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 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