SOURCE: Pacific Energy & Mining Company

June 16, 2008 06:30 ET

PEMC Announces Letter of Intent to Acquire Cable Company

RENO, NV--(Marketwire - June 16, 2008) - Pacific Energy & Mining Co. (PINKSHEETS: PEMC) is pleased to announce that the Company has signed a Letter of Intent (LOI) to acquire Satview Broadband Ltd., a Cable Television Operator based in Reno, Nevada. Satview has operations in California, Nevada and Utah. Satview Broadband Ltd. is owned by an affiliated party. The letter of intent is subject to the due diligence. Terms were not disclosed.

The Board of Directors has directed Management to divest the Company of its oil and gas holdings. Furthermore the Company intends to seek proposals from various interested parties for the purchase of its oil and gas assets.

Dan Green, Vice President and Secretary of the Company, stated, "We believe that with energy prices being strong and which, should remain strong for the foreseeable future, it is an opportunity for the Company to monetize its oil and gas assets and re-deploy these assets into a sector that we believe is undervalued."

The Company has the following reserve valuation:

                      Net Oil        Net Gas         FNOR       FNOR @10%
                  (Thousand bbls) (Million SCF) ($ Thousands) ($ Thousands)

Proved Developed
 Producing               117            248        $ 10,109     $  5,438
Proved Behind Pipe                       64             405          250
Proved Undeveloped       393          7,891          85,419       48,892
                        ----         ------        --------     --------

Total Proved Reserves    500          8,203        $ 95,934     $ 54,581
                        ----         ------        --------     --------

FNOR: Future Net Operating Revenues
FNOR@10%: Future Net Operating Revenues Discounted at 10 percent.

The above reserve evaluation was conducted based upon $85.00 per bbl of oil and $8.00 per MCF of natural gas. The reserves are 1.87 Million bbls of oil equivalent.

About Satview Broadband Ltd.

Satview Broadband Ltd., is franchise cable television operator that provides cable television and high speed Internet in three states. Satview is operating profitably in its cable television operations. Cable Television valuations are at a low point, therefore acquisitions in this sector result in predictable cashflows. (


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.

Contact Information

  • Investor Relations

    Worldwide Financial Marketing, Inc. USA
    Int'l 1 954 360 9998
    US 866 360 9998
    Email Contact