CALGARY, March 10 /CNW/ - (TSX.V:PBT, FSE:P5W) Pemberton Energy Ltd. is pleased to announce that it has received a report on the progress of drilling on the exploratory well Pemberton Gage 10-15-82-3 W6M from Chapman Petroleum Engineering Ltd. On Friday, March 7, 2008, the drill depth was at 1220 m. within the Triassic Montney Formation five days after spud on target to reach an estimated total depth of 2337 m. in the Precambrian basement and thus fully evaluate the entire sedimentary section at the location for any potential new oil and/or gas pools. Gas detection equipment has been fully operational on the well since drilling out surface casing at 389 m. and has to date indicated higher than background gas readings in two zones within the Cadotte Formation at 560 to 562 m. and 574 m. Two other zones within the Gething Formation at 959 to 961 m. and 1001 also have higher then background gas readings which will be evaluated further when a suite of petrophysical well logs are run after total depth is drilled.

BACKGROUND INFORMATION

A geophysical interpretation concentrating on the deeper Paleozoic potentially oil-bearing sedimentary section was done on section 15-82-3W6M by Brian Henry P.Geoph., utilizing a high quality 3D seismic program acquired by Pemberton Energy Ltd. last year as well as the seismic inversion of this data done by Hampson-Russell in Calgary. Two pronounced structural-stratigraphic features have been identified, one on the south half and the other on the north half of the section. Upon technical review by Pemberton's geophysical and geological consultants, it was recommended that initially the northern anomaly be drilled first to an approximate depth of 2400 meters to the Precambrian basement at the currently drilling location. This location will test a pronounced structural-stratigraphic anomaly with potential productive units in two formations, the Wabamun and Granite Wash. The proposed drilling of the southern anomaly will await a technical review of the results of drilling the northern anomaly.

GEOLOGY AND GEOPHYSICS

The Granite Wash Formation is the basal unit of the sedimentary section in this area and is a clastic formation formed by the reworking of basement debris as the Devonian sea transgressed onto the Peace River Arch. The formation can range in thickness from ten to fifty meters of interbedded shale and arkosic sandstones. The sandy interval can range from four to twenty metres in thickness while pay zones in the Granite Wash Formation are always oil-bearing with net pay typically two to five meters in thickness. The exploratory well at 10-15 is being drilled on a mapped one-well four-way structural closure at the Granite Wash level adjoining a normal fault immediately to the north. This feature is a potential reservoir trap which would be sealed by the impermeable carbonate deposits of the Winterburn Group.

The normal fault extends up through the entire Devonian section and also contributes to a one-well four-way structural closure at the Wabamun level, the second target zone at the proposed location. The Wabamun Formation is the uppermost Devonian unit in the area and is a widespread carbonate shallow shelf deposit approximately 175 meters in thickness with the top of the formation at an approximate depth of 2100 meters. The formation is subdivided into four members which starting from the base are the Dixonville, Whitelaw, Normandville and Cardinal Lake members. The two upper members are productive when dolomitized and sealed by surrounding impermeable limestone. Dolomitization can occur when fluids migrate along fractures associated with normal faults such as the one immediately to the north of the proposed location. This has occurred at the Eaglesham and Tangent oil fields approximately three townships to the south. Typical net pays in these fields range from fifteen to fifty meters. However, there is just as likely that gas would have been trapped in any potential reservoir in the Fairview area as there are Wabamun gas fields three townships to the west in the George and Royce fields.

Additionally, as a result of the discovery on well number 10-15-82-3 W6M the operator has begun and drilling both the rathole and the mouse hole on our 6-15-10-82-3 W6M well location.

Richard Saxon, President states: "We are very pleased with the progress of our first well and results we are seeing en route to our primary oil target zones. We feel that the technical information derived from this well has identified multiple sections of potential pay and that the Company has confirmed the previously announced potential economics as stated in our news release date October 25, 2006."

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.