TSX Venture Symbol: PEN
VANCOUVER, April 7 /CNW/ - Pennant Energy Inc. (the "Company") (TSX
Venture Exchange - PEN") is pleased to announce that, installation of lease
facilities and gas gathering line for production from the well, Badger
100/02-17-016-18W4/0 was completed this past winter and began producing to
market at rates consistent to those quoted in our October 21, 2008 press
release. The well has been producing approximately 160 BOEPD in total or 40
BOEPD net to the Company. The Company holds a 25% working interest in the well
and P&NG rights below the base of the Belly River in the total section.
Additional spacing is available for offset drilling. The Company earned the
option to joint venture in the drilling of the Badger 02-17 well through
participation in a seismic program carried out during the winter of 2007-2008.
Interpretation of that seismic data, which covers the Badger area, had
identified a secondary target to the Badger 2-17 location. Drilling of the
secondary seismic target which is offset to the Badger 2-17 well, will be
contingent upon the stabilized production performance of the 2-17 well. The
Badger well performance and future development plans for the property will be
announced as production data becomes public and information is made available
by the operator.
The Company currently holds a 25% interest in a total of 2 sections of
land with an option to participate in future exploration and development
activities within an area of mutual interest in the Badger area.
Thomas Yingling, President of Pennant Energy states "I am very pleased to
announce success at our first Badger well. This new well should provide
Pennant with stable cash flow. Now that this well has been tied in, and
producing so well, we can properly assess the potential of the Badger Project.
We are currently reviewing additional offset drilling opportunities. With only
20.5 million shares out, no debt, and cash in the bank this new addition of
cash flow will impact Pennants balance sheet dramatically. The Company is also
currently evaluating additional oil and gas projects."
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
Mr. Tom Yingling
President & CEO
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
BOEs may be misleading, particularly when used in isolation. A BOE
conversion ratio of 6Mcf: 1 bbl is based on energy equivalency conversion
method primarily applicable at the burner tip and does not present a value
equivalency at the wellhead.
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