CALGARY, July 21 /CNW/ - (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd.
wishes to announce that it has signed the first of three mineral rights
acquisition deals that are currently under negotiations. Pemberton signed a
two year binding Petroleum and Natural Gas Lease and Grant Agreement to lease
the subsurface mineral rights from basement to surface on an undivided 50%
interest in 507 acre parcel in the Peace River Arch Area. Pemberton Energy
Ltd. will retain 75% beneficial interest and will assume 100% of the drilling
and completion costs of the well, inclusive of all operating, processing,
transportation and production costs. This land agreement is subject to TSX
President Richard Saxon states: "Management is extremely pleased with its
latest land acquisition that is contiguous to the recently drilled wells and
continues negotiations on the additional two parcels. Pemberton will remain in
"Tight Hole" status until these negotiations are complete and should be
unveiling the drill program once the "Tight Hole" status is removed in the
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.
For further information on Pemberton Energy Ltd. please contact
On Behalf of Pemberton Energy Ltd.
Miroslava Antonuk, Director
For further information:
For further information: please contact the Company at (604) 269-9801,