During interpretation of the completed 3D seismic, Pemberton's management was given a presentation by the Company's geological and geophysical team, and was advised to acquire this parcel of the crown land due to several zones of interest on this particular section. Pemberton's management was also advised at that time, that to further qualify these zones of interest, an AVO test (Amplitude Versus Offset) would be beneficial in order to reduce the risk and increase the rate of success in identifying these types of targets. Hampson-Russell Limited Partnership of Calgary completed an AVO test and final results will be presented to the Company's board of directors within the next 10 days.
The Board of Directors would like to take this opportunity to thank Pemberton's shareholders for their patience and support as management executed its corporate strategy, acquired additional mineral rights and conducted necessary tests. Management feels that preliminary results of the AVO have very positive indicators of economic hydrocarbon potential and the Company will now move into the development phase of its Peace River Arch Project.
President Richard Saxon states: "We are very pleased to have completed this strategic acquisition and in addition feel the results of the 3D seismic and AVO have given Pemberton the correct direction for a successful drill program. Management has received several AFE's from drilling companies that currently have rigs in the immediate area and will be announcing the details of Pemberton's drill program shortly".
Pemberton also wishes to advise that trading restrictions that have been imposed on its management and consultants have been lifted effective immediately.
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.
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