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Gold/Mining/Energy : Pemberton Energy (V.PBT)

PBT 17.16

0.0%

Dec 24 4:00 PM EST

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To: Jim P who wrote (7)	2/4/1998 12:21:00 PM
From: T. Foord	Read Replies (1) of 38

News release from yesterday: #211 - 470 Granville Street Vancouver, BC V6C 1V5 Phone: (604) 669-7772 Fax:(604) 669-7701 TKO Resources & CPT Pemberton Tech. Joint News Release The two Companies wish to announce a non-arms-length Joint Venture Agreement. The terms of the agreement are as follows: The project is CPT Pemberton Tech's Enchant property, located in Southern Alberta, approximately two miles from Vauxhall. The property is 160 Acres and spacing allows up to four wells to be drilled. CPT has successfully drilled the first well, also it has been cased and capped. TKO will pay $400,000.00 Cdn. funds to CPT Pemberton. CPT Pemberton will then complete the well and place an oil collection facility on site. This will place both Companies in a cash flow position within the next thirty days. TKO will then share in development of up to three more wells under the terms of CPT Pemberton's Joint Venture Agreement with Canadian Progress Resources Ltd. CPT Pemberton and TKO will pay costs and share approximatly 85% of the earned revenues as equal partners until pay back occurs. After pay back each company shall retain a 25% working interest in the wells and lands earned. This deal is subject to approval by the Vancouver Stock Exchange. The Enchant project has the potential to produce 1,000,000-1,500,000 bbls of oil. Discussions are continuing between the companies in relation to a second Joint Venture in regards to CPT Pemberton's Panny project located in North Western Alberta. The Panny project has 10 potential wells to be drilled. The Panny project has the potential to produce up to 3,000,000 bbls of oil. __________________________ Bob Burton President

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