Pemberton has instructed Integrated Geophysical Consultants to begin the surveying on March 5, 2007. Following the surveying, plowing of the source lines and receiver lines will begin. The Company has hired two truck drills to pack dynamite down the drill holes this week.
Pemberton has also signed a binding Petroleum and Natural Gas Land Lease Agreement on a 160 acres parcel with mineral rights from surface to basement. This land parcel is contiguous to the Company's current Gage land holdings. Pemberton has not previously announced this mineral rights acquisition and it is unrelated to the February 28, 2007 letter of intent news release.
The results from our previously shot 2D seismic have shown Mississippian Debolt, Banff and the Devonian formations on this new mineral rights acquisition. Even with the relatively small seismic data base currently available, large structural features through the Mississippian and Devonian are evident and could result in large structural closures.
The Granite Wash sands underlie these formations and drape over Precambrian basement highs. Depending on the time of deposition, the Granite Wash sand thickness and porosity can vary, giving them potential to be a very exciting hydrocarbon producer. Structural closures and anomalous leads, will be assessed from the 3D seismic to reduce the risk of these deep expensive wells.
Pemberton Energy Ltd. will retain 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, crown royalties and any other costs associated with development pertaining to the well.
Numerous active oil and gas companies such as Tusk Energy Corp., Canadian Natural Resources Limited, Duvernay Oil Corp, Devon Energy Corp, and Hunt Oil Company have been shooting seismic and drilling wells in the Peace River Arch.
Pemberton Energy Ltd. land holdings are in a proven multi-horizon play area, with hydrocarbon potential from surface to basement. The most potential deep zone is the Granite Wash. This Devonian and older porous sandstones have the potential for significant hydrocarbon reserves, and lie at a depth of 2000m to 3000m and can be draped over highs on the Precambrian basement. Other zones of hydrocarbon potential are the lower Cretaceous Notikewan, Falher and Gething formations. These sandstones are at approximately 600m to 1200m in depth. The Triassic sediments from approximately 1100m to 1400m depth (the Montney carbonates and sands, the Charlie Lake carbonates and the Halfway sand) all have hydrocarbon potential as well. This play is truly a geophysical one with 2D and 3D seismic data needed to delineate the porosity, thickness and closure in these zones.
With regard to the Company's previously announced German promotion, management has decided to activate its contract upon completion and interpretation of the 3D-2007 seismic program. The Company feels that this will be a more financially advantageous to the Company to promote its 3D seismic results.
President Mr. Richard Saxon states: "Management would like to take this opportunity to express its gratitude to all landowners and companies and their personnel who helped to make this 3D seismic program possible. Management would also like to thank its shareholder base for its patience and ongoing support and looks forward to the 3D-2007 seismic results."
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.
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