Pennant and Austin provide update on Kaybob S No. 1 Well

    TSX Venture Symbol: PEN

    VANCOUVER, Aug. 20 /CNW/ - Pennant Energy Inc. (the "Company")
(TSX.V-PEN) together with its joint venture partner, Austin Developments
Corp.("Austin") (TSX-AUL), together known as the "The Companies" announce that
production testing of its Kaybob S No. 1 is complete. After reviewing the
geophysical logs of the well, multiple zones were tested. Although hydrocarbon
was encountered, none of the zones tested proved to contain commercial
quantities. Kaybob S No. 1 well will be abandoned and pinpointing of the drill
for the Company's Bronson Property, Northern Alberta has commenced.
    The Bronson Property has an extensive 3D seismic program that was
completed last winter, an existing geochem survey completed in July 2006, and
a newly completed geochem survey. The newest geochem survey was completed in
July 2007 and was conducted to pinpoint potential drill locations on the
Bronson property. The Bronson property will be a 50/50 joint venture as Austin
will be fully earned in by paying all the costs of drilling the Kaybob S No. 1
well with the Company being the operator.
    The Company is also undergoing due diligence on two other projects
located in Northern Alberta.

    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 Jim Britton, P. Geol. P. Eng.


    "Thomas Yingling"
    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
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

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