CALGARY, Dec. 24 /PRNewswire-FirstCall/ -- (TSX.V: PBT, FSE :P5W) Pemberton Energy Ltd. (Pemberton) wishes to announce the following corporate update.
Previously the Company announced that Pemberton successfully drilled two wells, Gage 10-15-82-3W6M to a final total depth of 2,395 meters and Gage 6-15-82-3W6M well was drilled to a final total depth of 1,145 meters. Both wells were drill stem tested. From these two wells Pemberton obtained valuable data which was instrumental in picking next drill locations. Pemberton had anticipated a two-zone fracing program for Gage 6-15 well. This Gage 6-15 well has producing potential subject to the Company raising the additional funds for completion.
After reviewing all technical data including the geophysical interpretation of the 3-D seismic program acquired by Pemberton ,seismic inversion of the data done by Hampson-Russell in Calgary, and data obtained from two wells drilled, the Company has currently selected three new drill targets on its Peace River Arch land holdings. One target is a gas target in the Notikewan zone, second target is an oil target in the Montney zone, and third target is an oil target in the Granite Wash zone.
The Company is currently in negotiations to farm out these three prospects to minimize risk. The Company is in the process of surveying these drill locations and will apply for drill licenses 2009. Pemberton is also in the process of obtaining an independent property evaluation on all its land holdings (Berwyn, Gage, Panny, and Saskatchewan). This report will be available on Pemberton's website http://www.pembertonenergy.ca/ shortly.
In addition the Company is currently working on an option to purchase freehold mineral rights for all minerals, including coal rights, from surface to basement in the Southern Alberta. Size of the land parcel and location will be released at a later date. If successful, Pemberton will own 100% of the mineral rights from surface to basement.
Furthermore, the Company is also working closely with a land agent that has recently returned from Cambodia and Vietnam on acquisition of mineral rights in these countries on a significant land parcel. Details will be released on completion of negotiations.
Director Jerry Hale states: "We are looking forward to great opportunities in the new year. With the recent slow down in the industry great business ventures have presented themselves to Pemberton. Management has created the groundwork for a successful 2009."
Pemberton has arranged a non brokered private placement for up to $350,000.00 consisting of flow through shares and non flow through units. Each flow through share is priced at $0.05. Each non flow through unit is priced at $0.05 per unit and consists of one non flow through share at and one non flow through warrant entitling the holder to purchase an additional non flow through share for a period of two years at $0.10. Cash or stock commission at the maximum allowable by TSX Venture Exchange amount may be payable to agents. This private placement is subject to the TSX Venture Exchange approval.
Pemberton Energy Ltd's principal business is the acquisition, exploration and development of petroleum properties. The company continues to focus on its primary corporate objective: the creation of value for shareholders by identifying oil and gas accumulations with relatively low geological risk but with substantial reserve potential.
On Behalf of Pemberton Energy Ltd. Ms. "Miroslava Antonuk" ---------------------------------- Miroslava Antonuk, Director TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS HEREIN
