| | | Thu Aug 3, 2006
Pennant Completes Preliminary Survey
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| | Pennant Energy Inc. (TSX.V-PEN) is pleased to announce that it has completed a preliminary survey on its seismic option property in west central Alberta. The survey covers Farmout Lands totaling 1600 acres in an established producing area of west central Alberta. Acquisition of the data has earned the Company the option to drill a 3000 meter Nisku formation test well, which also includes secondary Gething formation gas potential, at a location of its' own choice on a selected earning block of the Farmout Lands. The terms call for Pennant to pay 100% of the costs to drill, test, complete, equip or abandon the test well to earn a before payout (BPO) working interest of 100% to the deepest formation penetrated and tested, reverting to 65% after payout (APO) subject to industry standard BPO gross overriding royalties in the drilling spacing unit and 65% of the Farmor's working interest in the balance of the earning block. Acquisition of 3D seismic is proceeding as well as reprocessing of existing data to complete the property evaluation for a potential well location to be drilled this autumn.
For further information please feel free to contact the Company at 604-689-1799 or visit our web site at www.pennantenergy.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
"Thomas Yingling"
Mr. Thomas Yingling
President - 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
This press release has been prepared by management. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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