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Pemberton and JV Partners set to drill its Viking oil asset in July
CALGARY, April 28 /PRNewswire-FirstCall/ - (TSX.V:PBT, FSE :P5W) Pemberton Energy Ltd. (Pemberton) wishes to announce that it is currently preparing for an upcoming drill program for its Viking Asset in Kindersley, SK. Pemberton and its JV Partners will be drilling in July, 2010.
Pemberton and its JV Partners are going to develop the property by drilling a horizontal well with multistage frac in the Viking formation. This strategy for development is being used by all companies that are developing Viking plays in this area. The geology for this area has been done by our geophysicist using data from existing wells both on the property and on the next spacing unit. The existing logs and production data were used to pick the direction and height of the leg of the well. This data was used in determining projected production numbers. Management feels this is a high return venture and it is an excellent opportunity to become involved in the low risk Viking Oil Plays.
Pemberton and its JV Partners have a survey company ready to survey the drill site and a land services company has been contacted to handle the land surface acquisition for the drill project. A bid package has been requested for the drilling of this well. Pemberton and its JV Partners plan to have the site surveyed, land work competed, and license applied for within the next 30 days.
Richard Saxon, President states, "We are very pleased to have developed the Viking asset to a drill ready status. In addition, having a JV partner in the project will allow us to proceed without increased dilution of the Pemberton share capital. This property is on the next quarter to the area where Reece Energy started their very successful horizontal program from and later was sold to Penn West Energy Trust. This video clip http://watch.bnn.ca/#clip286961, talks about Viking oil plays in SK in the latter part of this 7 minute clip. Our strategy is to complete this project and get to revenue production as soon as possible".
On behalf of Board of Directors
"Miroslava Antonuk" ------------------------------- Ms. Miroslava Antonuk, Director
TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN
SOURCE Pemberton Energy Ltd.
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