Pemberton Energy has been granted a drill license on January 31, 2008 for its drill location LSD 10-15-82-03-W6M on its Gage Peace River Arch Property. Project depth is estimated at 2337 meters. This location has 8 oil and gas zones of interest and the Company will test Notikewan and Gething formations, Wabamun Group, as well as Granite Wash.
The Company's geophysicist and director has identified a fourth potential drill location on section 15-82-03-W6M with potential oil and gas bearing zones. The Company's drill program on section 15-82-03-W6M will test a potential of 20 plus producible targets.
Management's objective is to drill 10-15-82-03-W6M as soon as there is crew availability with weather conditions permitting, and will drill 3 other wells in succession and do a reservoir evaluation on all targets of interest. Successful outcome of 10-15-82-03-W6M drill and test program will result in an aggressive development phase of all Pemberton's mineral assets.
The road to the 10-15-82-03-W6M drill location has been snow plowed and lease construction is underway. Pemberton is on standby for rig availability and will announce drill date shortly.
Pemberton is still in the process of completing a private placement announced on January 18, 2008. Proceeds of this financing will be used for the construction, drill, test and completion program on 10-15-82-03-W6M.
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