CALGARY, April 22 /CNW/ - (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd. is
pleased to announce that it has signed a letter of intent and is finalizing
contracts to acquire an additional 50% ownership in the Panny 8-25-095-W5M
well in exchange for $50,000.00 and 8,000,000 of PBT common shares. Pemberton
currently holds 25% ownership and has held operatorship of this well for 7
years. This acquisition is subject to regulatory approval.
Management has reviewed the economics of this well and feels that this
additional percentage ownership is a great acquisition at this time. The
Company has designed a high pressure stimulus program using chemicals to break
down paraffin wax buildup that causes decline in production. This program will
provide much needed additional revenue during the summer months and after
freeze up Pemberton is preparing for the horizontal drill program with staged
fracing, similar to programs that were done by majors in the area, which saw
their production increase by 700%-1000%.
Pemberton currently holds additional 1280 acres less then one kilometer
from Panny well location, and will be doing feasibility studies and seismic
interpretation for review of potential horizontal drill programs on these two
sections. Energy Resources Conservation Board allows four oil wells per
section, allowing Pemberton the opportunity of potential 8 drill targets in
the Keg River Formation, which is a predominate producing zone in the area
produced by the majors.
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.
Mr. "Richard Saxon"
Richard Saxon, President
TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS
For further information:
For further information: please contact the Company at (604) 269-9801 or