CALGARY, Oct. 29 /CNW/ - (TSX.V:PBT, FSE:P5W) Pemberton Energy Ltd.
(Pemberton) wishes to announce that the Company has entered into a letter of
intent for a lease extension on subsurface mineral rights from surface to
basement on a 160 acre parcel in the Peace River Arch Area. Previous lease
agreement has a November 2, 2007 expiration date. Pemberton will retain a 75%
beneficial interest over a term of 2 years. The Company will assume 100% of
the drilling and completion costs of the well, inclusive of all operating,
processing, transportation and production costs. This land is part of the
recently shot 3D seismic program.
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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