Pangea Petroleum Announces Results From Colorado County, Texas Well
Ticker Symbol: U:PAPO
HOUSTON -- (Business Wire) --
Pangea Petroleum Corporation (OTCBB:PAPO), announced today results
for the recent completion of its new well in Colorado County, Texas.
The well was drilled to the Frio at 4750' and encountered three
potentially productive intervals. The initial interval in the well was
placed on production on June 19th at a rate of 320 thousand cubic feet
per day. Pangea owns a 2% working interest (1.5% net revenue interest)
in the well.
¶ "The new well is a follow-up to our other successful Frio wells in
the area, also identified on 3D seismic," notes Mark Weller, President
of Pangea. "This is another nice addition to the Company's production;
and the first well on this 400 acre tract. Based on this well there
are likely to be five to six additional drilling locations for this
prospect in the future."
¶ Pangea Petroleum Corporation (www.pangeapetroleum.com) is a
Texas-based independent diversified crude oil and natural gas
exploration and production company. Pangea's primary focus is to
explore for, produce and sell oil and natural gas by establishing
production reserves through exploration and acquisitions. Pangea's
niche or specialty is the small or moderate operations that do not fit
the strategy of the larger oil and gas producers, but are
none-the-less contributors to the US energy supply.
¶ 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 the
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.
