RENO, NV, Nov 06 (MARKET WIRE) --
Pacific Energy & Mining Company (PINKSHEETS: PEMC) is pleased to announce
that the initial well at the newly unitized Johnson Bottoms Unit
commenced horizontal drilling on November 3, 3009. The initial well is
located in Section 22, 7 South 21 East, Uintah County, Utah.
The Operator of the Unit is Questar Exploration and Production. The
target zone is the H4 member of the Greenriver formation at an approximate
depth of 7,000 ft. All information on the drilling of the horizontal well
is being held confidential. We estimate that the well will be completed
within the next 30 days. There are 6 permitted wells on the unit at an
approximate cost of $2.5 million each.
For further information on the Unit agreement visit www.pemc.us
About PEMC
The Company, through a General Partnership, holds working interest in oil
wells in Cedar Rim Oil Field in Utah and working interest in numerous
non-operated oil and gas wells in Oklahoma. Additionally PEMC owns
interest in Brennan Bottoms Oil Field in Uintah County, Utah, and
interests in oil and gas fields in Grand County, Utah.
Disclaimer
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:
Worldwide Financial Marketing, Inc. USA
Investor Relations
Int'l 1 954 360 9998
US 866 360 9998
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