Pennant Signs Seismic Option Agreement



    TSX Venture Symbol: PEN

    VANCOUVER, Dec. 17 /CNW/ - Pennant Energy Inc. (TSX Venture Exchange -
PEN") is pleased to announce that it has signed a Seismic Participation
Agreement with Drumlin Energy Corp., a private Calgary based company, to
participate in shooting and processing a 3D seismic survey to identify high
quality, Mannville channel reservoir development/drilling locations. The
program, located in Southern Alberta, will cover approximately 4.5 square
miles. The terms of the Agreement allow Pennant to earn an undivided 25%
interest in 3 sections (1,920 acres) of land in the area. Pennant is not
subject to further promotion, and will have the option to participate on a pro
rata basis in drilling and development activities thereafter. Permitting for
the program and other regulatory matters are currently underway and the
shooting is expected to begin by December 19, 2007.

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

    "Jim Britton"
    -------------
    Mr. Jim Britton
    P. Geol. - Director

    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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