Pemberton secures Phelps Drill Rig No. 8 to drill the first of three locations within two weeks



    CALGARY, Nov. 22 /CNW/ - (TSX.V:PBT, FSE:P5W) Pemberton Energy Ltd.
(Pemberton) is pleased to announce that it has secured a single drill rig
No. 8 with Phelps Drilling Co of Calgary, AB for its upcoming drilling of the
first of the three proposed drill targets located on the Company's Peace River
Arch Property. Surveying on the location has been completed. Pre-site
environmental testing is scheduled for next week and well site accommodations
have been secured. Pemberton's management and the land surface owner have
agreed to do a zero impact road to the well target location. Exact drill date
will be announced shortly, with anticipated drill completion within the next
two weeks.
    This drill location would test two zones, a Gething side channel complex
and a Notikewin AVO gas anomaly. The Gething formation is approximately 60
metres thick in this area and consists of fluvial-deltaic sands, silts and
shale with a coal measures zone approximately 24 metres in thickness
comprising the central section of the formation.
    The Notikewin formation is a Lower Cretaceous clastic deposit
approximately 270 metres shallower then the Gething formation in this part of
the Western Canada sedimentary basin. The Notikewin formation is approximately
65 metres thick in the Fairview area and consists of fluvial-deltaic sands,
silts and shale. Immediately to the north of Pemberton's property the Gage
Notikewin A pool is producing gas from a structural stratigraphic trap. Clean
and very porous sands approximately 15 metres thick are found in this pool.
Gas pay averages 3.5 metres over water.
    Economic evaluation of the Gething zone based on a model using 22
producers in this immediate area showed a best estimate of per well
prospective resources to be 2.1 billion cubic feet of recoverable gas with a
best estimate initial rate on 1.0 million square cubic feet per day.
Prospective resources are defined as those quantities of oil and gas estimated
on a given date to be potentially recoverable from undiscovered accumulations.
They are technically viable and economic to recover. The unrisked expected
mean value (EMV) for the 100-per-cent case was $4,365,000 and the risked EMV
for the 100-per-cent case was $971,000, both values at a discount rate of 10
per cent. The probability of success (POS) for the risked case was estimated
to be 33 per cent with the capital exposure estimated to be $700,000, the cost
of drilling one exploratory well. As can be seen on the risk analysis chart
below, the minimum POS needed for this project to obtain a 10-per-cent rate of
return is 14 per cent. As POS was estimated at 33 per cent, the drilling of a
Gething exploratory well is considered feasible.
    An economic evaluation of the Notikewin zone based on the Gage Notikewin
A pool showed a best estimate of per well prospective resources to be
1.4 billion cubic feet of recoverable gas with a best estimate initial rate on
1.5 million square cubic feet per day. Prospective resources are defined as
those quantities of oil and gas estimated on a given date to be potentially
recoverable from undiscovered accumulations. They are technically viable and
economic to recover. The unrisked expected mean value (EMV) for the
100 per cent case was $3,557,000 and the risked EMV for the 100 per cent case
was $772,000, both values at a discount rate of 10 per cent. The probability
of success (POS) for the risked case was estimated to be 33 per cent with the
capital exposure estimated to be $600,000, the cost of drilling one
exploratory well.
    A sales line is located less then 500 m from the proposed drill location
and has the capacity to take Pemberton's product.
    The Company also wishes to announce that it intends to complete a
non-brokered private placement of up to $1,125,00.00, with $675,000 being
raised through the sale of 1,500,000 flow-through units ("ft units") priced at
$0.45 per ft unit, and $450,000 being raised through the sale of 1,400,000
non-flow through units ("nft units") priced at 0.30 per nft unit.
    Each ft unit shall consist of one flow through share and one half of a
flow through warrant entitling the holder to purchase an additional share at
$0.45 for a period of one year. Each nft unit shall consist of one non-flow
through share and one non flow through warrant entitling the holder to
purchase an additional share at $0.45 for a period of one year. One ft unit
must be purchased with one nft unit. Cash commissions of up to 10% of the
proceeds of certain subscriptions may be payable to agents. This Private
Placement is subject to approval by the TSX Venture Exchange.
    The proceeds of the private placement will be used to fund drilling of
the first of the three proposed drill targets located on our Peace River Arch
property.
    Pemberton Energy Ltd. also wishes to announce that on November 20, 2007
TSX Venture Exchange has accepted for filing Online IR Marketing Agreement
between the Company and AGORACOM Investor Relations Corp. Details of this
Agreement were announced in October 26, 2007 news release.

    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.

    "Jerry Hale"

    Jerry Hale, Director





For further information:

For further information: please contact the Company at (604) 269-9801 or
info@pembertonenergy.ca

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