Pemberton Energy Signs Binding Petroleum and Natural Gas Lease
Posted on: Wednesday, 23 July 2008, 09:00 CDT
Pemberton Energy, which is engaged in the exploration and development of petroleum properties, has signed a two year binding petroleum and natural gas lease and grant agreement to lease the subsurface mineral rights from basement to surface on an undivided 50% interest in 507 acre parcel in the Peace River Arch area.
According to the company, the acquisition brings it to a total of 100% interest in the parcel of land. Pemberton Energy will retain 75% beneficial interest and will assume 100% of the drilling and completion costs of the well, inclusive of all operating, processing, transportation and production costs.
This land acquisition is contiguous to the recently drilled wells and Pemberton continues negotiations on an additional parcel of land in the area. This land agreement is subject to TSX approval.
Source: Datamonitor
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