The Company has placed five wells of the newly acquired wells on production in Cisco increasing the production of the field by approximately 50 Bbls of oil per day. The Company is in the process of reworking an additional six wells from the acquisition that require replacement of corroded tubing and installation of pumps and rods. The Company anticipates the aggregate increase in production of between 80 - 90 Bbls of oil per day.
Pacific Energy, in its acquisition activities, continually reviews opportunities to secure mineral properties, including oil and gas, whose performance can be enhanced through further development or improved operating efficiencies.
Pacific Energy is focused in the Rocky Mountain region, specifically in the Uintah Basin, in Utah. Pacific Energy is anticipating the drilling and completion of an additional four wells during 2007.
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