CALGARY, Aug. 27 /CNW/ - (TSXV: PBT, FSE: P5W) Pemberton Energy Ltd.
wishes to announce the following update. Management would like to advise that
further to the June 17, 2009 announcement of Montney oil pool discovery with
prospective resources of 4.4 million barrels of oil, Pemberton will first
proceed with a horizontal 750m leg re-entry program of the 10-15-82-3 W6M well
During management review of the re-entry data, Pemberton's team has
concluded that there are 2 additional oil bearing zones directly above this
Montney oil pool. During the drilling of 10-15 well, Pemberton's onsite
geologist recorded good oil staining in samples and mud logs had excellent gas
shows at these additional intervals and log analysis indicated hydrocarbons in
both of these zones of interest. Further testing and mapping of these zones
will be done during the Montney re-entry program.
President Richard Saxon states: "Horizontal re-entry drilling is the best
fit for Pemberton at this time, as management feels it will be a suitable and
most economical method to put Pemberton in a cash flow position thus
increasing shareholder value. The cost of drilling is dramatically reduced due
to the infrastructure that is already in place and management feels that this
re-entry will be a precursor to the recently announced two-well horizontal
drill target program".
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.
Miroslava Antonuk Director
For further information:
For further information: please contact the Company at (604) 269-9801 or