NEWS RELEASE

Montney targets could yield $ 53,000,000 in probable net revenue over 14 years

CALGARY, Alberta, June 17, 2008 (TSXV: PBT, FSE: P5W)Pemberton Energy Ltd. (“Pemberton”) wishes to announce that it has received an Evaluation of Prospective Resources in its Gage Area holdings and a report supplement delineating consideration of multiple staged fracture stimulation in horizontal Montney wellbores from Chapman Petroleum Engineering Ltd. 

President Richard Saxon states: “With this report in our hands we are not only bringing confidence to our shareholders, but securing a rewarding future as well. These results are much higher then our team’s expectations.  Using a 25% recovery rate, with 4.4 million barrels in place, has produced an excellent case scenario for all investors.  With this most recent report of best average oil in place, we are looking at over $ 53,000,000 in probable net revenue over the next 14 years. We started out looking at developing six vertical wells, then took a look at 2 horizontal wells and projection numbers were significantly higher. Management felt we could enhance the production of the wells dramatically by using stage frac techniques to complete the horizontal wells. As large as the initial assessment is, management believes that even larger multi prospect potential exists on our Peace River Arch holdings."

Pemberton is developing a Montney exploitation plan for this area. Montney oil production in this area began in 2004 with the discovery of the George Montney Oil Pool by Tusk Energy Corp.  The ERCB has booked an areal extent of 1164 acres for this pool. In 2007 Pemberton shot a high quality 3D seismic on in this area  In early 2008 Pemberton drilled two exploratory wells. The first well, 10-15-82-3W6M (“10-15”) was drilled to basement at a total depth of 2395m.  The Montney zone show evidence of being hydrocarbon bearing due to light oil staining on the geological samples and significant gas shows on the mud log.  The 10-15 well was on the edge of the Montney Gage pool.

The Company is planning a development program for a hydrocarbon bearing zone near the top of the Montney Formation that was penetrated in well 10-15.  The Montney Formation is a clastic unit of Middle Triassic Age.  It is 200 m. thick in well 10-15 and is unconformable overlain by the organic rich shale of the Nordegg Formation of Jurassic Age.  The Montney Formation in this area consists of interbedded shale, siltstones and fine grained sandstones as was illustrated in the lithologic log obtained from well 10-15.  The lithologic log of the upper Montney of well 10-15 has a number of hydrocarbon indicators.  At the top of the log, the mud gas readings are elevated as the well drills through the organic rich shale of the Nordegg Formation.  There is a reduction in mud gas reading to background as the first clean sand of the Montney is drilled.  After drilling a barren shale section with very low mud gas readings, the second Montney sand is penetrated with six metres of elevated mud gas reading before returning to background readings for the remainder of the Montney section.  The wellsite geologist in his geological report on the chip samples noted that the Montney zone with the elevated mud gas reading was “qaurtzose, very fine grained grading in part of siltstone” with “good intergranular porosity” and “light even brown oil stain throughout”.  The oil staining is visible in the photo micrograph of these chip samples as the even tan colour of the fine grain sandstone.  Another hydrocarbon indicator was the reported “immediate gold cut fluorescene” which will occur as oil is liberated from chip samples by an organic solvent and examined under UV light.  A small amount of 33 API oil was recovered during the completion attempt and an oil analysis of this sample from the Montney zone was performed by Core Lab.

Mathew Dodwell, Director and VP of Production states: “After close review of the report on the Montney targets at the Gage properties, Pemberton initiated plans for development.  With projected volumes and revenues as high as indicated in the Chapman Engineering report, Pemberton will be moving forward with plans to develop accordingly and with diligence.  Development plans are underway to create a production system that will sufficiently accommodate Pemberton’s growth in the area for years to come. With existing sales points in the general surrounding area, Pemberton energy feels this will be easy access for uninterrupted , long term production . Applications for development of the Gage properties are underway”.

According to the summary of resource estimate and reservoir parameters, Petroleum Initially in place, STB is 4,400,435.  Petroleum Initial in Place (PIIP) is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations.  It includes that quantity of petroleum that estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered (equivalent to “total resources”).

Recent developments in well bore equipment technology have made it possible to fracture horizontal well bores in tight oil and gas sands over multiple intervals.  These completions are expensive but create greater production rates and improved ultimate recovery because of improved permeability in the immediate well bore vicinity all along the horizontal leg.  These types of completions have been commonly used successfully in the Montney sand in northwest Alberta and northeast British Columbia.  The incremental cost of this program to that of an unstimulated horizontal well is approximately $1,000,000 depending on the well bore configuration any number and size of the frac jobs.  Reasonable estimates of increased rates and recoveries due to the multistage fracture completion compared to an unstimulated horizontal well were made.

Low Estimate:   The rates and recovery were the same
Best Estimate:   The rates and recoveries were doubled
High Estimate:  The rates were tripled and recoveries increased to 2.5 times

Summary of Company Prospective Resources and Economics
Montney, Gage Field, Alberta

Gross Resources are the total of the Company’s working and /or royalty interest share before of royalties owned by others.
Net Resources are the total of the Company’s working and/or royalty interest share after deducting the amounts attributable to royalties owned by others

AVG WI -100.000%
Royalties/Taxes AVG FH 25.00%
M$ - Thousand of Dollars  (Add 000 to the numbers in the table)
STB- Stock Tank Barrels of oil
EFF- Effective date, the date for which the present value of the future cash flows and reserve categories are established. 
The estimated values disclosed do not represent fair market value

Evaluation of Gage Alberta- Prospect Best Estimate

EFF March 1, 2009
OIL STB

Company Share Future Net Revenue based on Two Horizontal Staged Fracture Wells (Montney)

Net Present Value ($M) -
 

Profitability

Anticipated Capital Expenditure costs to put these two horizontal with stage frac wells into production will be raised through private placements, warrant and option exercise, bank loans or line of credit or selling percentage of the WI to potential joint venture partners.

Evaluation of the prospective resources was performed in order to determine the feasibility of the Company undertaking the exploration and development of this prospect and determine the magnitude of the prospective resources and the economic value before and after the consideration of risk.  This evaluation has been conducted in accordance with the requirements of Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”), Sec. 5.9 pertaining to disclosure of resources, utilizing forecast prices and costs. Capitalized terms related to resource classification are based on the definitions and guidelines in the Canadian Oil and Gas Evaluation Handbook (“GOGEH”).  Analysis has included a review of the available technical data including the geological and geophysical interpretation presented by the Company, the proposed ownership terms, information from relevant nearby wells or analogous reservoirs and the proposed program for each prospect.  Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.  Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity.  There is no certainty that any portion of the resources will be discovered.  If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

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.

For additional information please contact the Company at 604-269-9801 or info@pembertonenergy.ca

On Behalf of Pemberton Energy Ltd.

“Miroslava Antonuk”
___________________________
Miroslava Antonuk Director

Disclaimers
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
This press release contains certain forward-looking statements including estimates as to the unrisked and risk-adjusted prospective oil resource.  These estimates involve substantial known and unknown risks and uncertainties, many of which are beyond Pemberton’s control.