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BSNS WIRE) Pangea Announces Acquisition of Oil & Gas Leases
Pangea Announces Acquisition of Oil & Gas Leases
Business Editors & Energy Writers
HOUSTON--(BUSINESS WIRE)--Jan. 5, 2001--Pangea Petroleum
Corporation (OTC BB:PAPO) announced today the acquisition of 2250
acres of oil and gas leases in the San Joaquin Basin located in Kern
County, Calif. The leases are located near Bakersfield in the
Midway-Sunset Field. Financial terms of the transaction were not
disclosed.
The company anticipates that it will drill the property using
under-balanced, horizontal technologies that will increase production
rates and enhance the recovery factor. The target is the Antelope
Shale section (35XAnticline) of the Fractured Monterey Formation. The
estimated ultimate recoverable oil per well is 600,000 barrels, with
initial production rates of 1,000 to 1,500 barrels per day. The
first-year production is expected to average 250 to 350 barrels per
day. Each well is estimated to contain more than $10 million of net
cash flow based upon current price levels of approximately $25 per
barrel.
"We believe that this acquisition represents a highly attractive
opportunity for the company," said Charles B. Pollock, Pangea
Petroleum chairman and CEO. "We are prepared to begin drilling on this
property and are excited about its potential for our company and
shareholders."
About Pangea Petroleum Corporation
Pangea Petroleum Corporation is a Texas-based independent energy
firm that includes a wholly owned subsidiary, Mass Energy. The Company
has oil and gas holdings in Jackson County, Texas, Starr County, Texas
and Kern County, Calif. The Company also has a strategic relationship
with Paradigm Advanced Technologies.
Special Note: Management believes certain statements in this press
release may constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements are made on the basis of management's views and assumptions
regarding future events and business performance as of the time these
statements are made. Actual results may differ materially from those
expressed or implied. Such differences may result from actions taken
by the company prior to its current fiscal year end, as well as from
developments beyond the company's control, including changes in global
economic conditions that may, among other things, affect the company's
performance anticipated acquisitions or future business. In addition,
changes in domestic competitive and economic conditions may also
affect performance of all significant company businesses.
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CONTACT: Pangea Petroleum Corporation
Mary Pollock, 832/242-3381
info@pangeapetroleum.com
KEYWORD: TEXAS CALIFORNIA
INDUSTRY KEYWORD: ENERGY OIL/GAS
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