Pemberton Energy Ltd. has advanced 50% of the total required drill rig payment and signed a master drill contract with a drill company for a double rig that has the capability to drill up to 2500 m depth. The double rig is scheduled to move on the property on Wednesday, February 20th, 2008.
Pemberton has secured a rat-hole rig to spud its 10-15-82-3W6M well on Tuesday, February 19th, 2008, in preparation for the drill rig. 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 January 10, 2008 news release has detailed geology and geophysics of these formations.
The first phase of the drill program will consist of up to four wells. The Company has already received drill licenses on two of the proposed drill locations and both well sites have been prepared for drilling. Pemberton's mineral assets currently consist of 90% Freehold Mineral Rights, which are not subject to crown royalties. Pemberton holds 75% of these Freehold Mineral Rights from surface to basement, with a 100% Working Interest.
Pemberton is still in the process of completing a private placement that it has increased by $500,000 on February 14th, 2008 to raise funds for our second well location on section 15-82-3-W6M.
Director Jerry Hale stated, "The future for all shareholders of Pemberton Energy looks very bright. To have an opportunity to drill and test 8 zones of interest, with potential of both oil and gas production, on our first well is a phenomenal point in history for Pemberton Energy Ltd. Management would like to take this opportunity to thank all of its shareholders who have helped and been patient with us, for as a team we have come a long way."
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