Pemberton completes surveying and releases projected cash flow
CALGARY, May 19 /CNW/ - (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd. (Pemberton) is pleased to announce that it has received projected cash flows from its project manager for its upcoming Kindersley, SK project - Avon Hills 15-21-30-22W3M and 16-21-30-22W3M wells. Pemberton has completed surveying for these two LSD's. Below is the projected revenue prepared at a conservative price of $65/bbl - $70/bbl. These projected production numbers are based on the wells that are contiguous to our LSDs. Pemberton is still in the process of accepting offers for JV partners on its 16-21-30-22 W3M well.
------------------------------------------------------------------------- Gross income Daily Monthly Daily Monthly for Production Production Production Production Price/bbl 2 wells Month (m3) (m3) (bbl) (bbl) ($) ($) ------------------------------------------------------------------------- 1 40 1200 252 7560 65 491,400 ------------------------------------------------------------------------- 2 40 1200 252 7560 65 491,400 ------------------------------------------------------------------------- 3 40 1200 252 7560 65 491,400 ------------------------------------------------------------------------- 4 40 1200 252 7560 65 491,400 ------------------------------------------------------------------------- 5 40 1200 252 7560 65 491,400 ------------------------------------------------------------------------- 6 40 1200 252 7560 65 491,400 ------------------------------------------------------------------------- 7 36 1080 226 6780 70 474,600 ------------------------------------------------------------------------- 8 36 1080 226 6780 70 474,600 ------------------------------------------------------------------------- 9 36 1080 226 6780 70 474,600 ------------------------------------------------------------------------- 10 36 1080 226 6780 70 474,600 ------------------------------------------------------------------------- 11 32 960 201 6030 70 422,100 ------------------------------------------------------------------------- 12 32 960 201 6030 70 422,100 -------------------------------------------------------------------------
Projected Gross Income before operating expenses for the first year from these 2 wells is $5,691,000.00. At these projected rates, payout should be achieved within first 5 months of production. Pemberton would like to clarify its previous news release percentages after payout. After JV Partners have recouped their cost of drilling and completion, percentage will revert to 41.25 % to Pemberton and 41.25% to JV Partners of the gross production.
On behalf of Board of Directors "Miroslava Antonuk" --------------------- Ms. Miroslava Antonuk, Director
TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN
For further information: For further information: PEMBERTON ENERGY LTD., 328, 1500 14th Street SW, Calgary, AB, T3C 1C9, PHONE: (403) 269-8424, FAX: (403) 269-8477
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