RENO, NV--(MARKET WIRE)--Apr 15, 2008 -- Pacific Energy & Mining Co. (Other OTC:PEMC.PK - News) 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.
