TSX Venture Symbol: PEN
VANCOUVER, Sept. 27 /CNW/ - Pennant Energy Inc. (TSX.V-PEN) and its joint
venture partner, Austin Developments Corp. ("Austin") ( TSX- AUL ), together
known as the "The Companies" are pleased to announce that they have expanded
their Bronson Property land holdings by successful bidding at the
September 19th, 2007, Alberta Crown land sale.
Prior to the recent land sale the Companies held two closely offsetting
but non contiguous land blocks (Kaybob and Bronson) in the area totaling
1600 acres. When the Companies initially gained control of the two blocks
there was only limited, incomplete 3D seismic coverage of the lands;
therefore, two extensive 3D seismic surveys were conducted during the winter
2007 to assess the exploration potential of the two acreage blocks. The winter
2007 3D surveys not only completed coverage of the interest acreage but were
expanded to evaluate the potential for oil and gas on several of the bordering
lands. Interpretation of the new 3D seismic data resulted in identifying
several areas of interest on our existing Bronson property and as well, on a
bordering section of Crown land to the east. Based on the favorable 3D seismic
results over the Crown acreage the decision was made to post the lands for
auction. To assist in determining how aggressively to bid, the Companies also
conducted extensive Geochem surveys over the lands. The Companies are pleased
to announce that we were successful in acquiring the 640 acre Crown section.
Henceforth, the Bronson property will be referred to as "Bronson West",
comprising section 13 and E/2 section 14, Twp 58-17W5, while the newly
acquired land, section 7-58-16W5, will be referred to as "Bronson East".
Bronson East is a 640 acre contiguous property located south east of the
Companies existing Bronson West Property. With positive results from both the
Geochem survey and the 3D seismic survey the Company has identified several
potential drill targets and is reviewing all of the data acquired to date. To
view a map of the newly acquired Bronson East Property please visit
www.pennantenergy.com. The Bronson properties are a 50/50 joint venture with
Austin Developments Corp.
Mr. Thomas Yingling, President of Pennant states, "We are very pleased to
have been successful in expanding our land package with the addition of these
key lands. This area we are focusing on is one of the most prolific oil and
gas producing regions in Canada. I am proud to say that Pennant still only has
16.3 million shares outstanding, no debt, and approximately $1.5 million
dollars in the bank. With a management team that has a previous track record
of 86% success rate in drilling over 500 wells and the addition of new key
lands, Pennant is poised for exceptional growth."
The Company announces that it continues to seek additional production
acquisition/drilling prospect opportunities and is currently conducting due
diligence on two projects located in Northern Alberta. The Company will update
shareholders as events arise.
The Company also wishes to announce that it has re-priced 350,000 options
which were granted in March, 2007 to various consultants from $0.62 to $0.35,
subject to regulatory approval. In addition, the Company will grant directors,
officers, employees and consultants 400,000 options, exercisable at $0.35 per
share until September 26, 2012. The options will be granted in accordance with
the Company's stock option plan, have the required four month hold period and
subject to regulatory approval.
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.
Mr. Thomas Yingling
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
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