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Pemberton in the process of qualifying new oil pool discovery
April 14, 2008 Calgary, Alberta, (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd. is pleased to announce the following corporate update. With regards to well 10-15-82-3-W6M, the first of two wells to be completed, the Company's geological and engineering advisors have provided these recommendations and descriptions. Gething Formation- perforate and frac 971.5 to 974.5 mKB (3 m interval) based on good gas shows on mud log and good oil staining in samples. Log analysis indicates hydrocarbons. Lithology from sample descriptions is a very fine grained to upper coarse grained sandstone with dolomitic cement. Sandstone is capped by a thin coal bed. Montney Formation: perforate and frac 1088 to 1093 mKB (5 m interval) based on excellent gas show on mud log and very good oil staining in samples. Log analysis indicates hydrocarbons. Lithology from sample descriptions is very fine grained sandstone grading to siltstone with dolomitic cement.
With regards to well 6-15-82-3-W6M -the second of two wells to be completed, the Company's geological and engineering advisors have provided these recommendations and descriptions: Basal Gething Formation: perforate and frac 1011.5 to 1015.0 mKB (3.5 m interval) based on fair gas shows. Samples indicate excellent porosity and permeability. Log analysis indicates hydrocarbons. Lithology from sample descriptions is a fine grained to upper course grained with pebbles quartz sandstone. Sandstone is capped by a thick coal bed.
Management feels that these three zones are top priority and would be economically beneficial to the Company at this time. Management is reviewing its options of perforating and fracing or using other completion methods and is awaiting finalized AFE for completion of these three zones. The Company is also qualifying other zones of interest in the 10-15 well, specifically information gathered from the Wabamun and the Granite Wash to optimize our second deep drill prospect. Information received from the drilling of the Company's 10-15 exploratory well is extremely valuable to identifying and mapping out next drill targets in the Gage area.
Pemberton also wishes to announce that it retained the services of a seismic consultant and has also secured the services of a 3D seismic drill company to begin a 3D seismic program on the Company's Berwyn property located 75 km East of Pemberton's Gage land holdings. With production within a 4 km radius of Pemberton's land holdings the Company's plans are to acquire additional mineral rights. Pemberton's intent is to duplicate surrounding production. 3D seismic will optimize potential drill locations on Pemberton's land holdings. This 3D seismic program will commence before start of the farming season.
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.
