Pacific Energy & Mining has acquired a 50% operating interest in 16 natural gas wells in the State of New Mexico. The wells are on a 2,000 plus acre lease in Sandoval County. Pacific Energy will be placing the natural gas wells on production during the month of February 2009. The wells are estimated to produce 250,000 cubic feet of natural gas per day. The market price of natural gas is approximately $5.00 per 1,000 cubic feet. Pacific will evaluate the production and determine the feasibility of drilling additional wells or deepening some of the wells.
In July 2008, the Company entered into a Farmout Agreement with Questar Exploration and Production Company. Questar is still waiting on final approval from the United States Bureau of Land Management. Additionally the Company holds interest in the Brennan Bottoms oil field. Brennan Bottoms is composed of approximately 1,700 acres of Federal leases.
In Cisco, Utah the Company holds a direct interest in Cisco Springs oil and gas field (11 wells) and in Cisco Township oil and gas field (10 wells.)
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 and working interest in numerous non-operated oil and gas wells in Oklahoma.
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