I wrote code to extract the date from a given string. Given
> \"Date: 2012-07-29, 12:59AM PDT\"
it extracts
> \"
You can use strptime() to parse time objects:
R> strptime("Date: 2012-07-29, 11:59AM PDT", "Date: %Y-%m-%d, %I:%M%p", tz="PDT")
[1] "2012-07-29 11:59:00 PDT"
R>
Note that I shifted your input string as I am unsure that 12:59AM exists... Just to prove the point, shifted by three hours (expressed in seconds, the base units):
R> strptime("Date: 2012-07-29, 11:59AM PDT",
+> "Date: %Y-%m-%d, %I:%M%p", tz="PDT") + 60*60*3
[1] "2012-07-29 14:59:00 PDT"
R>
Oh, and if you just want the date, it is of course even simpler:
R> as.Date(strptime("Date: 2012-07-29, 11:59AM PDT", "Date: %Y-%m-%d"))
[1] "2012-07-29"
R>