[0] Pangea Petroleum Announces Re-classification of Gas Well to Oil in Jackson County, Texas.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--June 12, 2001 Pangea Petroleum Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PAPO) announced today that the Vincik no. 3 Well in Jackson County, Texas Jackson County is a county located in the U.S. state of Texas. In 2000, its population was 14,391. Its county seat is Edna6. Jackson County is named for Andrew Jackson, President of the United States from 1829 to 1837. Geography According to the U.S. is now producing quantities of oil in addition to natural gas. "We initially tested the Vincik no. 3 as a gas well," stated Charles B. Pollock, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Pangea Petroleum. "After blowing down the gas cap, we are now producing an average of 107 barrels of oil per day (bopd) and 136 thousand cubic feet of gas per day (mcfpd). This well will be re-classified as an oil well. Obviously, we are pleased that this well has turned out to be more profitable than originally anticipated." The current price of light crude oil is $29 and the current price of natural gas is $4.10. About Pangea Petroleum: Pangea Petroleum Corporation is a Texas-based independent energy firm that includes a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Mass Energy. The Company has oil and gas leases in Jackson County, Texas, Starr County, Texas Starr County is a county located in the U.S. state of Texas. In 2000, its population was 53,597. Its county seat is Rio Grande City6. The county is named for James Harper Starr who served as Secretary of the Treasury of the Republic of Texas. , Shelby County, Texas Shelby County is a county located in the U.S. state of Texas. In 2000, its population was 25,224. Its county seat is Center6. The county is named for Isaac Shelby, a soldier in the American Revolution. Geography According to the U.S. and Kern County, Calif. The Company also has a strategic relationship with Paradigm Advanced Technologies (PRAV). 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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