Pennant flow tests well at maximum allowable rate

    TSX Venture Symbol: PEN

    VANCOUVER, June 10 /CNW/ - Pennant Energy Inc. (the "Company")
(TSX.V-PEN) is pleased to announce that the Company has been informed by the
operator, Highpine Oil & Gas Limited, (TSE - HPX) that initial completion and
production testing operations of the well "Highpine et al Pembina
102/16-29-048-08W5/00" have been completed. The operations took longer than
the initially scheduled time due to the wet weather and poor surface lease
conditions; however, we are very pleased to announce that the well was
successfully flow tested at the maximum allowable rate during the 4 hour test
period regulated by the EUB for sour gas wells in this area and the well has
been shut in to monitor pressure build-up. The pressure build up monitoring
period is scheduled to take several days, contingent upon weather related
lease accessibility. Analysis of the production and pressure build up data
will be carried out subsequent to gathering final pressure build-up data. The
results of the interpretation and future operation plans will be announced as
the information is made available by Highpine. The Company is participating as
to a 24% interest in the well. The cost of the completion and testing
operations is estimated to be $153,000 net to the Company.
    The Pembina Field is a large, mature oil and gas field centered
approximately 65 miles southwest of the City of Edmonton, Alberta. Individual
wells in each of the neighboring pools have produced at rates of in excess of
1000 barrels of oil per day (bopd) and 3 million cubic feet per day (Mmcfd).
Based on 3D seismic data, the reservoir, encountered in drilling this well is
approximately 140 acres in area with an average potential pay interval of
25 feet. For further background on the project please refer to our press
releases dated March 13, 2008.
    Thomas Yingling, president of PEN stated, "We are very encouraged by the
fact that the well flow tested at the maximum allowable rate. With oil and gas
prices near all time record highs and the fact that Pennant still only has
16.5 million shares out and no debt, success in this Pembina well could
significantly impact our balance sheet. Pennant is also currently conducting
due diligence on several other oil and gas projects, all located within
Western Canada."

    For further information on any of our projects please feel free to
contact the company at (604) 689-1799 or to view several brief videos on oil
and gas exploration, please visit our web site at


    "Tom Yingling"
    Mr. Tom 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: contact the company at (604) 689-1799

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890