Pemberton Energy Ltd. announced that Pemberton Gage 6-15-82-3W6M well was successfully drilled to a final total depth of 1145 meters on April 2, 2008 at 11:30 pm. Logging and drill stem testing were completed on April 4th, 2008.
After an evaluation of all the technical data by the company's geological and engineering advisers, they recommended that Pemberton Gage 6-15 be cased for production to its total depth of 1145 meters as a potential oil/gas producer. Production casing of this well was completed over the weekend and drill rig has been released. Management will evaluate the production proposal from its geological and engineering team and will announce perforating and fracing schedule shortly.
The Company anticipates a three zone fracing program for Gage 10-15 well and two zone fracing program for Gage 6-15 well.
Pemberton would also like to announce a non brokered private placement. The Company intends to raise up to $750,000.00 non flow through funds at $0.35 per unit. Each unit shall consist of one share and one share purchase warrant entitling the holder to purchase an additional share at $0.40 for a period of one year. Cash or stock finders fee at the maximum allowable by TSX Venture Exchange amount may be payable to agents. Proceeds from this financing will be used for fracing and testing of flow rates. This private placement is subject to the approval by TSX Venture Exchange.
President Richard Saxon states: "This is a very exciting time in Pemberton's development. Drilling of these 2 wells is the first stage in the Company's drilling and development program. The Company is looking forward to receiving flow rates for these recently drilled two wells and will announce the results as they become available to management. Pemberton is currently in the process of qualifying next drill targets based on the information received from Gage 10-15 well and Gage 6-15 well."
Pemberton Energy Ltd'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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