Pemberton Acquires Peace River Leases, Begins JV Talks
Pemberton will retain 75% beneficial interest of the 50% undivided interest over a 2-year term. The property is located west and contiguous to the company's key Peace River Arch property.
The company will assume 50% of the drilling and completion costs of the well, inclusive of all operating, processing, transportation, and production costs. The acquisition gives Pemberton a sizable land position in a very productive region of the Peace River Arch.
In addition, Pemberton said that it is negotiating a joint venture with a company that holds the other 50% of the undivided interest in the 507-acre parcel. It will also extend its 3D seismic program to encompass the acquisition. Terms and conditions of this joint venture will be disseminated upon completion of the negotiations.
"Management is pleased with its latest land acquisition and a prospect of a joint venture," said Miroslava Antoniouk, Pemberton's director. "[I]t gives the company a greater land position surrounding the company's current targets in the Peace River Arch area and reduces financial risk associated with exploration, drilling, and completion of possible targets. The company believes that sharing costs associated with this petroleum property development will increase shareholder value."
Calgary-based Pemberton'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.
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension