Pemberton Inks Deal for Peach River Arch Acreage
Pemberton Energy has signed 9 binding Petroleum and Natural Gas Lease and Grant Agreements to lease the subsurface mineral rights from basement to surface on a 370 acre parcel in the Peace River Arch Area. Pemberton Energy Ltd. will retain 75% beneficial interest over a term of 3 years. The Company will assume 100% of the drilling and completion costs of the well, inclusive of all operating, processing, transportation and production costs. These land agreements are subject to TSX approval.
Pemberton Energy Ltd. is extremely pleased with its latest land acquisition as it adds to the Company's land position in a very productive region of the Peace River Arch. Management continues negotiations on additional land parcels in the Peace River Arch area in close proximity to its current land holdings.
Pemberton Energy'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.
- Pemberton IDs Drill Target on Viking Asset (May 05)
- Pemberton JV Primes Bit for Viking Oil Asset (Apr 28)
- Pemberton Acquires Additional Saskatchewan Mineral Rights (Feb 19)