Pemberton Extends Peace River Arch Acreage
Pemberton Energy has successfully acquired a strategic piece of crown land at the October 3, 2007 land sale, with mineral rights from surface to basement and is contiguous to the Company's current land holdings in the Peace River Arch area. This acquisition increases Pemberton's land lease holdings on this particular section by 21%, bringing the total lease holdings on this section to 82.7%. Pemberton will retain 100% working interest in the 21% of this section, to add to its 75% working interest in the 61.7%. This section was included in the Company's completed 3D seismic program.
During interpretation of the completed 3D seismic, Pemberton's management was given a presentation by the Company's geological and geophysical team, and was advised to acquire this parcel of the crown land due to several zones of interest on this particular section. Pemberton's management was also advised at that time, that to further qualify these zones of interest, an AVO test (Amplitude Versus Offset) would be beneficial in order to reduce the risk and increase the rate of success in identifying these types of targets. Hampson-Russell Limited Partnership of Calgary completed an AVO test and final results will be presented to the Company's board of directors within the next 10 days.
The Board of Directors would like to take this opportunity to thank Pemberton's shareholders for their patience and support as management executed its corporate strategy, acquired additional mineral rights and conducted necessary tests. Management feels that preliminary results of the AVO have very positive indicators of economic hydrocarbon potential and the Company will now move into the development phase of its Peace River Arch Project.
President Richard Saxon states: "We are very pleased to have completed this strategic acquisition and in addition feel the results of the 3D seismic and AVO have given Pemberton the correct direction for a successful drill program. Management has received several AFE's from drilling companies that currently have rigs in the immediate area and will be announcing the details of Pemberton's drill program shortly".
Pemberton also wishes to advise that trading restrictions that have been imposed on its management and consultants have been lifted effective immediately.
Pemberton Energy's Ltd. 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.
- Pemberton IDs Drill Target on Viking Asset (May 05)
- Pemberton JV Primes Bit for Viking Oil Asset (Apr 28)
- Pemberton Acquires Additional Saskatchewan Mineral Rights (Feb 19)