CALGARY, Dec. 7 /CNW/ - (TSXV: PBT, FSE: P5W) Pemberton Energy Ltd. ("Pemberton") wishes to announce that it is in the final stages of negotiations on the acquisition of 83 % working interests on 840 acres (340 Ha) of land in the Kindersley, Saskatchewan area and expects to conclude the acquisition by December 10th 2009. The area is known for its oil rich Viking zone, which has shown high success rates for neighbouring energy companies.
Pemberton has engaged the services of several experts in this area, who are familiar with and have had superior success with drilling, completing and producing the Viking zone, and who are responsible for bringing this project to Pemberton. This area has proven to have high success rates through new horizontal drilling technologies with multistage fracturing techniques. Pemberton feels this is a well delineated / low geological risk area and management will start planning for a drilling program for the property. Development is expected to begin in the summer of 2010 and Pemberton has already received joint venture proposals on this prospect. The Company continues further negotiations for additional lands in this area.
Reflecting on Scotia Capital Resource Spotlight Report, issued on September 21, 2009, an estimated 6.0 billion bbls of oil is still in place, in the Viking formation in this area. The report states new horizontal drills in the area pay for themselves on an average of 1.3 to 1.6 years. Drilling and completion costs average $ 1.3 million, and land sales in this region can average up to $ 3625.40 / Ha. Spacing units in this area allow for up to 16 vertical oil wells per section. Pemberton feels this additional asset will bring significant value to the shareholders and long term sustainability for the company. Finders fee may be payable on this acquisition subject to regulatory approval.
On Behalf of Pemberton Energy Ltd.
Vice President of Production and Director
SOURCE PEMBERTON ENERGY LTD.
For further information: For further information: please contact the Company at (403) 269-8424 or email@example.com