TSX Venture Symbol: PEN
VANCOUVER, July 10 /CNW/ - Pennant Energy Inc. (TSX Venture Exchange -
PEN") is pleased to announce that it has been notified by its operating
partner that it will spud a well on joint venture lands in southern Alberta
approximately July 12, 2008. The well will be drilled to test the hydrocarbon
potential of the Upper and Lower Mannville formations on lands earned through
participation in a "Seismic Option Agreement" with Drumlin Energy Corp.
announced in our press release of December 17, 2007. Through participating in
and successful completion of the seismic program, the Company earned an
undivided 25% working interest in 3 sections (1,920 acres) of land in the area
and is not subject to further promotion. The Company will pay an undivided 25%
of all costs associated with drilling and completion or abandoning the test
well. The Company's share of the estimated costs to drill and case or abandon
is $123,000. Operation progress will be announced as the information is made
available by the operator.
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
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
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