Pacific Energy Withdraws Acquisition of New Mexico Natural Gas Assets

Pacific Energy & Mining Company has announced the withdrawal of the acquisition of a 50% operating interest in 16 natural gas wells in the State of New Mexico. After review of the well conditions and further "Due Diligence," the Company chose to reverse its planned acquisition of the property.

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.