PennantEnergy Inc. - Drumlin Joint Venture

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EnchantAlberta

The Company signed a Seismic Participation Agreement (the "Agreement") with Drumlin Energy Corp. in December, 2007. The Agreement called for Pennant to pay for 50% of the costs to shoot and process a 3D seismic survey covering approximately 4.5 square miles (the program), located in the Enchant Field, Alberta. The objective of the program was to identify high quality Mannville age channel, gas reservoir drilling targets. The Company earned an undivided 25% interest in 3 sections (1,920 acres) of land within the program area with the option to participate on a pro rata basis, in drilling and development activities thereafter. The program lands are situated within a 32 km long channel trend, where Mannville age channel gas wells have produced at initial rates exceeding 1 million cubic feet per day (mmcf/day). Drill targets have been identified and drilling should commence late spring 2008.

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July 10, 2008 Pennant to Drill on Badger Property, Southern Alberta