Pacific Energy & Mining Announces Reserve Evaluation
April 15 2008 - 8:30AM
Marketwired
RENO, NV is pleased to update the shareholders on its Reserve
evaluation as of March 1, 2008.
Net Oil Net Gas Future Net Future Net
(bbls) (Mcf) Operating Operating
Revenues Revenues
$ Discounted 10%
-------- -------- ----------- --------------
Proved Developed
Producing 117,000 248,000 $10,110,000 $5,438,000
Proved Behind Pipe 64,000 405,000 251,000
Proved Undeveloped 393,000 7,891,000 85,420,000 48,892,000
Total Proved
Reserves 510,000 8,203,000 $95,935,000 $54,581,000
-------- --------- ----------- --------------
The above "Future Net Operating Revenues" were based on $85 per
barrel of oil (bbls) and $8 per thousand cubic feet (Mcf) of
natural gas. The above evaluation was conducted pursuant to the
guidelines for proved reserves promulgated by the United States
Securities and Exchange Commission.
About Pacific Energy & Mining Company:
Pacific Energy & Mining is a diversified company that
operates oil and gas leases throughout Utah. It also has
non-operated interests in Utah and Oklahoma. The Company would also
like to welcome all new shareholders present or future to visit our
website at www.pemc.us.
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
Pacific Energy and Mining (CE) (USOTC:PEMC)
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