Pemberton Signs LOI on a 160-Acre Lease Extension

Pemberton Energy has entered into a letter of intent for a lease extension on subsurface mineral rights from surface to basement on a 160-acre parcel in the Peace River Arch Area.

The previous lease agreement had a November 2, 2007 expiration date.

Under the extension, Pemberton will retain a 75% beneficial interest over a term of two years. The company will assume 100% of the drilling and completion costs of the well, inclusive of all operating, processing, transportation and production costs. This land is part of the recently shot 3D seismic program.