CALGARY, Feb. 15 /CNW/ - (TSX.V:PBT, FSE:P5W) Pemberton Energy Ltd. is
pleased to announce that it has advanced 50% of the total required drill rig
payment and signed a master drill contract with a drill company for a double
rig that has the capability to drill up to 2500 m depth. The double rig is
scheduled to move on the property on Wednesday, February 20th, 2008.
Pemberton has secured a rat-hole rig to spud its 10-15-82-3W6M well on
Tuesday, February 19th, 2008, in preparation for the drill rig. Project depth
is estimated at 2337 meters. This location has 8 oil and gas zones of interest
and the Company will test Notikewan and Gething formations, Wabamun Group, as
well as Granite Wash. The Company's January 10, 2008 news release has detailed
geology and geophysics of these formations.
The first phase of the drill program will consist of up to four wells.
The Company has already received drill licenses on two of the proposed drill
locations and both well sites have been prepared for drilling. Pemberton's
mineral assets currently consist of 90% Freehold Mineral Rights, which are not
subject to crown royalties. Pemberton holds 75% of these Freehold Mineral
Rights from surface to basement, with a 100% Working Interest.
Pemberton is still in the process of completing a private placement that
it has increased by $500,000.00 on February 14th, 2008 to raise funds for our
second well location on section 15-82-3-W6M.
Director Jerry Hale states: "The future for all shareholders of Pemberton
Energy looks very bright. To have an opportunity to drill and test 8 zones of
interest, with potential of both oil and gas production, on our first well is
a phenomenal point in history for Pemberton Energy Ltd. Management would like
to take this opportunity to thank all of its shareholders who have helped and
been patient with us, for as a team we have come a long way."
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, Director
TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS
For further information:
For further information: please contact the Company at (604) 269-9801,