2009-01-28-2009-01-15

Canceled plans to acquire 2,000-acre NM lease which features 16 gas wells.

Pacific Energy & Mining Co., Reno, Nev., (Pink Sheets: PEMC) has canceled its acquisition of a 50% operating interest in 16 gas wells in New Mexico from an undisclosed seller for an undisclosed price. Pacific Energy withdrew its offer following review of the well conditions and further due diligence. The assets are on a 2,000-plus acre lease in Sandoval County. Pacific Energy planned to place the gas wells on production during February. Production was estimated to be 250,000 cubic feet of gas per day at start-up.