Pemberton Energy Ltd., Calgary, (Toronto Venture: PBT) reports following an evaluation of resources in its Gage area in Alberta, the company will first proceed with a horizontal 750-meter leg re-entry program of the 10-15-82-3 W6M well.
The evaluation by Chapman Petroleum Engineering Ltd. estimates 4.4 million barrels of oil in the Gage area of the Montney oil pool in the Peace River Arch area.
During management review of the re-entry data, Pemberton's team has concluded that there are two additional oil bearing zones directly above this Montney oil pool. During the drilling of 10-15 well, Pemberton's onsite geologist recorded good oil staining in samples and mud logs had excellent gas shows at these additional intervals and log analysis indicated hydrocarbons in both of these zones of interest. Further testing and mapping of these zones will be done during the Montney re-entry program.
Pemberton president Richard Saxon says, “Horizontal re-entry drilling is the best fit for Pemberton at this time, as management feels it will be a suitable and most economical method to put Pemberton in a cash flow position thus increasing shareholder value. The cost of drilling is dramatically reduced due to the infrastructure that is already in place and management feels that this re-entry will be a precursor to the recently announced two-well horizontal drill target program.”
In 2007, Pemberton shot a high quality 3-D seismic on in this area. In early 2008 Pemberton drilled two exploratory wells the first well, 10-15-82-3W6M was drilled to basement at a total depth of 2,395 meters. The 10-15 well was on the edge of the Montney Gage pool.
Pemberton has oil and gas operations in western Canada.
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