CALGARY, Jan. 10 (TSXV: PBT, FSE: P5W) Pemberton Energy Ltd. (Pemberton) is pleased to announce that it has received a report from Chapman Petroleum Engineering Ltd. which details final drilling recommendations on section 15-82-3W6M on the Company's Peace River Arch property.
The geophysical interpretation of the deeper Paleozoic interval has been refined on section 15-82-3W6M utilizing the 3D seismic program acquired by Pemberton Energy Ltd. last year as well as the seismic inversion of this data done by Hampson-Russell in Calgary. Two pronounced structural-stratigraphic features have been identified, one on the south half and the other on the north half of the section. It is recommended that initially the northern anomaly be drilled first to an approximate depth of 2400 meters to the Precambrian basement at the following location:
Location 10-15-82-3W6M
The proposed location would test a pronounced structural-stratigraphic anomaly with potential productive units in two formations, the Wabamun and Granite Wash. The proposed drilling of the southern anomaly should await a technical review of the results of drilling the northern anomaly.
GEOLOGY AND GEOPHYSICS
The Granite Wash Formation is the basal unit of the sedimentary section in this area and is a clastic formation formed by the reworking of basement debris as the Devonian sea transgressed onto the Peace River Arch. The formation can range in thickness from ten to fifty meters of interbedded shale and arkosic sandstones. The sandy interval can range from four to twenty meters in thickness while pay zones in the Granite Wash Formation are always oil-bearing with net pay typically two to five meters. The proposed location at 10-15 has mapped a one-well four-way structural closure at the Granite Wash level adjoining a normal fault immediately to the north. This feature is a potential reservoir trap which would be sealed by the impermeable carbonate deposits of the Winterburn Group.
The normal fault extends up through the entire Devonian section and also contributes to a one-well four-way structural closure at the Wabamun level, the second target zone at the proposed location. The Wabamun Formation is the uppermost Devonian unit in the area and is a widespread carbonate shallow shelf deposit approximately 175 meters in thickness with the top of the formation at an approximate depth of 2100 meters. The formation is subdivided into four members which starting from the base are the Dixonville, Whitelaw, Normandville and Cardinal Lake members. The two upper members are productive when dolomitized and sealed by surrounding impermeable limestone. Dolomitization can occur when fluids migrate along fractures associated with normal faults such as the one immediately to the north of the proposed location. This has occurred at the Eaglesham and Tangent oil fields approximately three townships to the south. However, there is just as likely that gas would have been trapped in any potential reservoir in the Fairview area as there are Wabamun gas fields three townships to the west in the George and Royce fields.
The recognition a one well four-way structural closure at the Granite Wash and Wabamun levels on high quality 3D seismic that gives new information due to high quality data has resulted in a dual target location and it is recommended that this location at 10-15-82-3W6M be licensed and drilled this winter.
Pemberton President Richard Saxon states, "This recent information from Chapman had the Company re evaluate its drilling strategy because we can potentially produce both oil and gas from multiple locations on the section 15 all the way down to the Granite Wash as opposed to the earlier strategy of just drilling for gas. We now have a deep location in the north of the section 15, and the south location is under investigation by geological and geophysical team. In addition, exploration and production for hydrocarbons from the Wabamun Formation in the Belloy- Tangent area on the Peace River Arch has been active since the early 1980s. Two hundred wells have been or are currently producing from this formation. These wells have cumulatively produced 21.2 million barrels of 35 degree API oil. Often thought to be well understood, the application of new data, technology, and ideas is revitalizing this play and leading to significant activity. Since 2002, Devon Canada has implemented a Wabamun drilling program on the PRA that is yielding considerable economic returns. This proposed well will test 6 oil zones down to the Precambrian basement as well as 2 gas zones, Notikewan and Gething. Testing these zones will create a future drill and production model and will allow the Company to study deeper oil plays and shallow gas bearing plays"
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.
"Miroslava Antonuk"
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Miroslava Antonuk Director
