CALGARY, March 5 /CNW/ - (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd. is
pleased to announce its corporate update. Negotiations with surface land
owners have been completed and all surface land owners have agreed to let
Pemberton shoot its 3D seismic program on their lands. Government permits have
also been granted.
Pemberton has instructed Integrated Geophysical Consultants to begin the
surveying on March 5, 2007. Following the surveying, plowing of the source
lines and receiver lines will begin. The Company has hired 2 truck drills to
pack dynamite down the drill holes this week.
Pemberton has also signed a binding Petroleum and Natural Gas Land Lease
Agreement on a 160 acres parcel with mineral rights from surface to basement.
This land parcel is contiguous to the Company's current Gage land holdings.
Pemberton has not previously announced this mineral rights acquisition and it
is unrelated to the February 28, 2007 letter of intent news release.
The results from our previously shot 2D seismic have shown Mississippian
Debolt, Banff and the Devonian formations on this new mineral rights
acquisition. Even with the relatively small seismic data base currently
available, large structural features through the Mississippian and Devonian
are evident and could result in large structural closures.
The Granite Wash sands underlie these formations and drape over
Precambrian basement highs. Depending on the time of deposition, the Granite
Wash sand thickness and porosity can vary, giving them potential to be a very
exciting hydrocarbon producer. Structural closures and anomalous leads, will
be assessed from the 3D seismic to reduce the risk of these deep expensive
Pemberton Energy Ltd. will retain 75% beneficial interest over a term of
2 years. The Company will assume 100% of the drilling and completion costs of
the well, inclusive of all operating, processing, transportation and
production costs, crown royalties and any other costs associated with
development pertaining to the well
Numerous active oil and gas companies such as Tusk Energy Corp. (TSX:
TSK), Canadian Natural Resources Limited (TSX:CNQ, NYSE: CNQ), Duvernay Oil
Corp (TSX: DDV), Devon Energy Corp (TSX: DVN, NYSE: DVN) and Hunt Oil Company
have been shooting seismic and drilling wells in the Peace River Arch.
Pemberton Energy Ltd. land holdings are in a proven multi-horizon play area,
with hydrocarbon potential from surface to basement. The most potential deep
zone is the Granite Wash. This Devonian and older porous sandstones have the
potential for significant hydrocarbon reserves, and lie at a depth of 2000m to
3000m and can be draped over highs on the Precambrian basement. Other zones of
hydrocarbon potential are the lower Cretaceous Notikewan, Falher and Gething
formations. These sandstones are at approximately 600m to 1200m in depth. The
Triassic sediments from approximately 1100m to 1400m depth (the Montney
carbonates and sands, the Charlie Lake carbonates and the Halfway sand) all
have hydrocarbon potential as well. This play is truly a geophysical one with
2D and 3D seismic data needed to delineate the porosity, thickness and closure
in these zones.
Pemberton would also like to announce that it has unveiled its new
corporate website www.pembertonenergy.ca . Management is very proud of the
effort and design of this website and would like to thank everyone involved.
Pemberton's corporate website includes several unique features under
acquisition, exploration and development headings. These three features have
video presentations. Pemberton's current land holdings can be viewed with a
Google Earth link found on the website.
With regards to the Company's previously announced German promotion,
management has decided to activate its contract upon completion and
interpretation of the 3D-2007 seismic program. The Company feels that this
will be a more financially advantageous to the Company to promote its 3D
President Mr. Richard Saxon states: "Management would like to take this
opportunity to express its gratitude to all landowners and companies and their
personnel who helped to make this 3D seismic program possible. Management
would also like to thank its shareholder base for its patience and ongoing
support and looks forward to the 3D-2007 seismic results"
Pemberton Energy'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.
Mr. Richard Saxon, President
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 or