CALGARY, May 12 /CNW/ - (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd. (Pemberton) is pleased to announce the percentage break down with JV partners in the recently announced upcoming drill program for its Viking Asset in Kindersley, SK. Pemberton currently holds 82.5 % beneficial interest in this property. Pemberton will retain 20% of this beneficial interest and farm out remaining 62.5% of its beneficial interest until payout. After JV Partners have recouped their cost of drilling and completion, percentage will revert to 42.25 % to Pemberton and 42.5% to JV Partners. These percentages are subject to change based on further negotiations.
The Viking oil pools were initially discovered in the early 1950's and are known for the light highly desirable oil and low geological risks and attractive per well economics. Horizontal drilling and multi-stage frac techniques have been successful in enhancing the recovery of oil from Viking Oil formation in wells in close proximity to our property.
On behalf of Board of Directors
Ms. Miroslava Antonuk, Director
TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN
SOURCE PEMBERTON ENERGY LTD.
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