Pacific Energy Withdraws From Acquisition of Natural Gas Properties

  Pacific Energy & Mining Company (PINKSHEETS: PEMC)
announces 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.

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.

Contact Information: Investor Relations Worldwide Financial Marketing, Inc. USA Int'l 1 954 360 9998 US 866 360 9998 Email Contact: Email Contact