Pemberton Projects 80 BBL/Day in Its First Zone to Be Fraced
Posted on: Tuesday, 13 May 2008, 00:00 CDT
CALGARY, May 13 /PRNewswire-FirstCall/ -- (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd. ("Pemberton") is pleased to advise that management has received an economic evaluation on our first zone to be perforated and fraced in the 10-15-82-3W6M. Based on production in the area and final analysis of the drill and test results, Pemberton's geological and engineering team estimates total probable undeveloped gross reserves, in the Montney zone of the 10-15 well, using a 30% conservative rate, at 80 bbl/day. Pemberton will proceed immediately with completion of the Montney zone and it has the funds in place for this program. This is the first of three zones to be perforated and fraced in the 10-15 well. President Richard Saxon states: "Pemberton is pleased to be fracing the first of three zones on our 10-15 well. We are very encouraged by the economics presented to management and by the historical production from the Montney zone less then a quarter of a mile from the 10-15 well. We look forward to a possible cash flow scenario which would allow the company to continue to develop the field without further dilution to the shareholders. The geological and geophysical team has identified two new Montney drill locations on Section 15. This will improve our economic strategy on this section and will greatly contribute to the growth of the Company and increase shareholder value."
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.
On Behalf of Pemberton Energy Ltd. Ms. "Miroslava Antonuk" ---------------------------- Miroslava Antonuk, Director TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS HEREIN
CONTACT: please contact the Company at (604) 269-9801 or info@pembertonenergy.ca
Pemberton Energy Ltd.
CONTACT: please contact the Company at (604) 269-9801 orinfo@pembertonenergy.ca
Source: PRNewswire-FirstCall
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