Pacific Energy Announces 30 Proved Drilling Locations
05 August 2008 - 8:30PM
Marketwired
RENO, NV today provided estimates of 30 possible drilling
locations for both horizontal and vertical wells on its acreage in
Uintah County and Grand County, Utah.
Uintah County
PEMC has an interest in 1,800 acres North of the Brennan Bottoms
lease in Uintah County. This acreage contains twelve drilling
locations on proved acreage for both vertical and horizontal
drilling. The drilling spacing is 40 acres per well. These
locations have possible reserves ranging from 50,000 bbls to
300,000 bbls per location. Well costs are estimated at
approximately $2.2 million dollars for a horizontal well in Uintah
County.
Additionally PEMC has entered into an agreement with Questar,
whereby PEMC's interest in Brennan Bottoms acreage will be
incorporated into an approximately 8,000-acre Unit operated Questar
Exploration and Production.
Grand County
PEMC's interest in Cisco Township contains ten proved
undeveloped locations in Grand County. Reserves for these sites
range from 20,000 to 160,000 bbls per location. Well costs are
estimated at approximately $120,000 per well in Grand County,
Utah.
PEMC also has interest in Cisco Springs, which contains an
additional eight proved undeveloped locations. Reserves for these
sites range from 20,000 to 160,000 bbls per location. Well costs
are estimated at approximately $120,000 per well in Grand County,
Utah.
Satview Broadband Ltd.
PEMC has an interest in Satview Broadband Ltd., a cable
television operator. Satview is in the process of completing its
fiber optic distribution in Douglas County, Nevada.
About Pacific Energy & Mining:
Pacific Energy is a diversified company that operates oil and
gas leases throughout Utah. It also has non-operated interests in
Utah and Oklahoma and owns a 7% working interest in Brennan
Bottoms. The Company is in the process of unitizing the field with
offset leaseholders, the largest of which is Questar Company.
Additionally the Company owns a 16.67% interest in Mar/Reg
Investments, a General Partnership, through which it holds working
interest in oil wells in Altamont Bluebell Oil Field in Utah.
The Company would also like to welcome all shareholders to visit
our website at www.pemc.us for detailed information.
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 Information: Investor Relations Worldwide Financial
Marketing, Inc. USA Int'l 1 954 360 9998 US 866 360 9998 Email
Contact
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