HOUSTON, June 21, 2000 (PRIMEZONE) - Pangea Petroleum Corp. "Pangea" (OTCBB:PAPO) announced today that it has agreed to enter into preliminary negotiations to acquire a Texas-based Exploration & Production company...privately held Mass Energy. Mass Energy has extensive mineral leases in East Texas and other valuable assets. If the acquisition is consummated, the company plans to develop a significant natural gas project in South Texas encompassing 4 new wells capable of producing approximately 2.3 bcf (billion cubic feet) per well of gas for a potential total of 9.2 bcf. Commenting on this possible acquisition and drill project, Pangea Chairman Charles Pollock stated, "This acquisition would not only provide a great opportunity to expand our domestic energy holdings, but also add very experienced management to the company. Randy Massey is the ideal person to help Pangea add shareholder-value in the energy arena." Pangea expects to close on this acquisition in the next six weeks, and will keep shareholders and the investment community apprised of its development, along with other corporate developments including international operations previously announced.
For more information, contact (713) 933-0377 or Jeff Brommer, Investor Relations at (630) 761-8062.
Special Note: This document includes forward looking statements made under the "safe harbors" provision of the Private Securities Litigation Reform Act of 1995. Such forward looking-statements are generally identifiable by the use of the words such as "believe", "expect", "intend", and other words of a similar nature. These statements are based upon management's current expectations, estimates and projections that are subject to risks and uncertainties, including, but not limited to: success of negotiations, availability of financing, political, currency, regulatory, competitive and technological developments. Consequently, actual results could differ materially from those forward-looking statements. Pangea Petroleum does not undertake, and specifically disclaims any obligation to update any forward looking statements, which speak only as of the date made.
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CONTACT: Jeff Brommer
(630) 761-8062