Pemberton Energy Ltd. announced that it has engaged the services of Chapman Petroleum Engineering Ltd. to provide engineering, geological and geophysical services on an in-depth ongoing basis, assisting with the Company’s exploration, development and production activities.
Key individuals directly involved in engineering, geological and geophysical evaluation will participate in the Pemberton Energy Ltd.’s incentive stock option plan on a performance basis. In view of the new duties and services, Chapman Petroleum Engineering Ltd. relinquishes its role as the Company’s independent reserve evaluation firm. A replacement independent reserve evaluation firm will be announced at a later date.
Director Miroslava Antonuk said „Management is excited to have such a valuable and highly qualified engineering, geological and geophysical team working on the Company’s projects, including current 3-D and 2-D seismic interpretation. P. Geologist, Harold Ryan, was part of the geological and geophysical team that interpreted 2D seismic that was shot by Pemberton Energy last summer in the Peace River Arch Area.
We look forward to having this combined experience within one Corporation working jointly on identifying multiple producing drill targets. Chapman Petroleum will provide qualified staff and know-how to make Pemberton’s Peace River Arch Assets into a turn key producer. The Company looks forward to announcing well target count within the next three weeks and all our preliminary views are very positive.” Pemberton Energy would like to take an opportunity to introduce and welcome these three key consultants to our team and we look forward to developing our Peace River Arch Assets.
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.