CALGARY, Oct. 5 /CNW/ - (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd.
(Pemberton) wishes to announce that it has successfully acquired a strategic
piece of crown land at the October 3, 2007 land sale, with mineral rights from
surface to basement and are contiguous to the Company's current land holdings
in the Peace River Arch area. This acquisition increases Pemberton's land
lease holdings on this particular section by 21%, bringing the total lease
holdings on this section to 82.7%. Pemberton will retain 100% working interest
in the 21% of this section, to add to its 75% working interest in the 61.7%.
This section was included in the Company's completed 3D seismic program.
During interpretation of the completed 3D seismic, Pemberton's management
was given a presentation by the Company's geological and geophysical team, and
was advised to acquire this parcel of the crown land due to several zones of
interest on this particular section. Pemberton's management was also advised
at that time, that to further qualify these zones of interest, an AVO test
(Amplitude Versus Offset) would be beneficial in order to reduce the risk and
increase the rate of success in identifying these types of targets.
Hampson-Russell Limited Partnership of Calgary completed an AVO test and final
results will be presented to the Company's board of directors within the next
10 days. An example of the AVO test will be available shortly on the Company's
web site, www.pembertonenergy.ca.
The Board of Directors would like to take this opportunity to thank
Pemberton's shareholders for their patience and support as management executed
its corporate strategy, acquired additional mineral rights and conducted
necessary tests. Management feels that preliminary results of the AVO have
very positive indicators of economic hydrocarbon potential and the Company
will now move into the development phase of its Peace River Arch Project.
President Richard Saxon states: "We are very pleased to have completed
this strategic acquisition and in addition feel the results of the 3D seismic
and AVO have given Pemberton the correct direction for a successful drill
program. Management has received several AFE's from drilling companies that
currently have rigs in the immediate area and will be announcing the details
of Pemberton's drill program shortly".
Pemberton also wishes to advise that trading restrictions that have been
imposed on its management and consultants have been lifted effective
Pemberton Energy's Ltd. 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 Board of Directors
Ms. Miroslava Antonuk Director
TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS
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For further information: on Pemberton Energy Ltd. please contact (604)