Pennant Energy Inc. - Pembina 16-29 Well Update



    TSX Venture Symbol: PEN

    VANCOUVER, March 27 /CNW/ - Pennant Energy Inc. (the "Company")
(TSX.V-PEN) is pleased to announce that, further to the March 13, 2008 press
release regarding our Farmout Agreement with Highpine Oil & Gas Ltd., the well
"Highpine et al Pembina 102/16-29-048-08W5/00" has been drilled to total depth
and cased. The well, which spud on March 9, was drilled in 19 days, 7 days
under the original estimated time of 26 days to reach this stage of
operations. The Nisku formation was encountered close to depth prognosis.
Timing of the completion and testing operations is contingent upon weather
conditions. The recent warm weather has resulted in diurnal road bans
restricting transportation of heavy equipment to the cooler, night time hours.
Announcement of testing operations will be made upon Highpine's notification
to Pennant. The Company is participating as to a 24% interest in the well.
    The Pembina Field is a large, mature oil and gas field centered
approximately 65 miles southwest of the City of Edmonton, Alberta. The Pembina
Devonian Nisku play has been evolving since 2002-2003 through the application
of improved 3D seismic data recording and interpretation techniques. The
hydrocarbon accumulations are trapped in dolomitized reefs encountered in a
northwest - southeast trend, extending through and including Townships 48-49
Ranges 8-9W5. The Nisku reef wells have exhibited prolific production and
reserves, producing both light oil and liquids rich, sour natural gas. The
Pennant well location is 102/16-29-048-08W5/00; immediately to the west lies
the Nisku VV pool (section 1-049-09W5) while, the Nisku SS pool is directly
east in sections 27 and 28-048-08W5. The Alberta EUB reports recoverable oil
and gas reserves of 2.1 million barrels and 5.2 BCF respectively for the Nisku
VV Pool, while the Nisku SS Pool recoverable reserves of 780 thousand barrels
of oil and 1.6 BCF of gas are reported. Individual wells in each of these
pools have produced at rates of in excess of 1000 barrels of oil per day
(bopd) and 3 million cubic feet per day (Mmcfd).
    The 16-29 well is targeting gas and condensate production from the Nisku
MMM pool, which was discovered with the drilling of, West Energy Pem
14-28-48-8W5 (the "14-28 well") in 2005. Based on 3D seismic data, the
reservoir is approximately 140 acres in area with an average potential pay
interval of 25 feet. The hydrocarbon column in Nisku pools is underlain by a
regional water table. Completion and production operations of Nisku wells are
undertaken in a manner to optimize recovery before water influx. The 14-28
well was completed in the Nisku MMM pool and initialized production at daily
gas rates of over 3.5 Mmcfd with condensate production as high as 135 barrels
per day reported; however, early water breakthrough occurred, possibly a
result of problems encountered during completion operations. The Highpine well
was drilled directionally, from the surface location 01-32-48-08W5 to the
targeted TD location at 102/16-29-48-08W5/00, in an attempt to optimize
hydrocarbon capture from the pool before water influx. The Company share of
the cost to drill and casing the well is expected to be under $500,000.

    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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