Pennant and Austin Spud its Kaybob S No. 1 Well



    TSX Venture Symbol: PEN

    VANCOUVER, June 7 /CNW/ - Pennant Energy Inc. (the "Company") (TSX.V-PEN)
together with its joint venture partner, Austin Developments Corp. (TSX- AUL),
together known as the "The Companies" is pleased to announce that further to
the news release dated May 30, 2007, that lease construction on its Kaybob
Property, Northern Alberta is complete. Crews have moved the drill rig from
the racking site on the property to the newly completed lease and the
Companies are pleased to announce that the Kaybob S No. 1 well was spud at
11:30 am June 6th, 2007. The drilling program is scheduled to continue 24
hours a day until target depth (TD) of 3,000m. The drill rig is an Ensign
triple rig and is used specifically to drill deeper wells and is anticipated
to take 25 days to reach target depth. New pictures of the drill program can
be viewed on an ongoing basis at www.pennantenergy.com
    The Kaybob S No. 1 well has evolved as a step-out development drilling
prospect. The Kaybob property offsets a well that produced from the same
targeted formation at rates as high as 600 barrels of oil per day and had
cumulative production of approximately 400,000 barrels of oil and 550 million
cubic feet of gas. Several surveys have been completed in developing the
Kaybob Property.
    
    -  A limited 3D seismic survey data covering some of the property was
       purchased and reprocessed.
    -  Upon review of this data a geochemical survey was initiated to
       identify prospective drilling locations not covered by the original 3D
       seismic data mentioned above.
    -  Upon review of the geochemical survey and original limited 3D
       reprocessed data a new extensive 3D seismic survey was conducted to
       expand coverage of all the farm-in acreage.
    

    Interpretation and integration of this data supported the first Kaybob
drill location (Kaybob S No. 1 Well). A short video link providing an
illustrated background to the upcoming drill program can be found on the
Company's website at www.pennantenergy.com. The Qualified Person for the
Kaybob and the Bronson Projects, who holds responsibility for the accuracy of
the technical information contained in this news release, is Pennants VP of
Exploration, Mr. Jim Britton, P. Geol. P. Eng.
    Depending upon the level of success achieved with the first well and the
outcome of the Bronson 3D seismic survey, management may elect to continue
developing the Kaybob Property or move the rig to our Bronson Property.
    A new video of the current drill program is being shot and will be made
available on the web sites of the joint venture partners as soon as it is
ready.
    The Company is also currently evaluating other oil and gas projects both
located in Canada.
    The Qualified Person for the Kaybob and the Bronson Projects, who holds
responsibility for the accuracy of the technical information contained in this
news release, is Mr. Jim Britton, P. Geol. P. Eng.

    ON BEHALF OF THE BOARD OF DIRECTORS OF
    PENNANT ENERGY INC.

    "Thomas Yingling"
    ----------------------------
    Mr. Thomas Yingling
    President

    This News Release may contain forward-looking statements based on
assumptions and judgments of management regarding future events or results
that may prove to be inaccurate as a result of exploration and other risk
factors beyond its control, and actual results may differ materially from the
expected results.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.





For further information:

For further information: on any of our projects please feel free to
contact the Company at (604) 689-1799 or visit our web site at
www.pennantenergy.com

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PENNANT ENERGY INC.

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