RENO, NV--(Marketwired - Dec 15, 2016) - Pacific Energy & Mining Co., ( OTC PINK : PEMC ), announced today that the Letter of Intent for the sale of certain oil and gas properties between PEMC its partners Entrada Enterprises, JMD Resources Inc. and American Patriot Oil and Gas (ASX "AOW") terminated on December 9, 2016. The LOI was not extended and all negotiations with American Patriot Oil and Gas have been shelved. The decision was based on many factors, including lack of experience by the Buyer for operating oil and gas properties and lack of US based management.
The properties consisted of the West-World Prospect and Gaines County, Texas. The details of the assets was over 90boepd of existing production on over 22,600 net acres. 4.3mmbboe oil and gas reserves with over 400 hundred drill sites with ability to significantly grow production. The midstream company included fixed assets of 30+ miles of pipeline, 25+ miles of gathering and gas plant currently marketing third-party operators.
As of November 8, 2016 PEMC and its partners had advised AOW that Dan Green, Brett Murray and Jim Gibbons declined to be on the Board of Directors of AOW.
About Pacific Energy & Mining Co.
Pacific Energy & Mining Co. is headquartered in Reno, Nevada and has operated since 1979.
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.
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