Pemberton signs second binding Petroleum and Natural Gas lease in the Peace River...
Pemberton signs second binding Petroleum and Natural Gas lease in the Peace River Arch Area CALGARY, July 22 /PRNewswire-FirstCall/ - (TSX.V:PBT, FSE:P5W) Pemberton Energy Ltd. wishes to announce that it has signed its second of three mineral rights acquisition deals that are currently under negotiations. Pemberton 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, bringing it to a total of 100% interest in this parcel of land. Pemberton Energy Ltd. 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. Pemberton Energy'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" ---------------------------- Miroslava Antonuk, Director SOURCE Pemberton Energy Ltd. on Pemberton Energy Ltd. please contact (604) 269-9801
