Pemberton To Proceed with Horizontal Re-entry Development Well
Pemberton Energy Ltd. on Thursday reported that, further to the June 17, 2009, announcement of the Montney oil pool discovery with prospective resources of 4.4 million barrels of oil, it will first proceed with a horizontal 750m leg re-entry program of the 10-15-82-3 W6M well ("10-15").
During management review of the re-entry data, Pemberton's team has concluded that there are 2 additional oil bearing zones directly above this Montney oil pool. During the drilling of 10-15 well, Pemberton's onsite geologist recorded good oil staining in samples and mud logs had excellent gas shows at these additional intervals and log analysis indicated hydrocarbons in both of these zones of interest. Further testing and mapping of these zones will be done during the Montney re-entry program.
President Richard Saxon states: "Horizontal re-entry drilling is the best fit for Pemberton at this time, as management feels it will be a suitable and most economical method to put Pemberton in a cash flow position thus increasing shareholder value. The cost of drilling is dramatically reduced due to the infrastructure that is already in place and management feels that this re-entry will be a precursor to the recently announced two-well horizontal drill target program."
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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