| ||Thu Jun 7, 2007|
Pennant and Austin Spud its Kaybob S #1 Well
| ||Pennant Energy Inc. (the "Company") (TSX.V-PEN) together with its joint venture partner, Austin Developments Corp. ( TSX- AUL ), together known as the "The Companies" is pleased to announce that further to the news release dated May 30, 2007, that lease construction on its Kaybob Property, Northern Alberta is complete. Crews have moved the drill rig from the racking site on the property to the newly completed lease and the Companies are pleased to announce that the Kaybob S # 1 well was spud at 11:30 am June 6th, 2007. The drilling program is scheduled to continue 24 hours a day until target depth (TD) of 3,000m. The drill rig is an Ensign triple rig and is used specifically to drill deeper wells and is anticipated to take 25 days to reach target depth. New pictures of the drill program can be viewed on an ongoing basis at www.pennantenergy.com|
The Kaybob S # 1 well has evolved as a step-out development drilling prospect. The Kaybob property offsets a well that produced from the same targeted formation at rates as high as 600 barrels of oil per day and had cumulative production of approximately 400,000 barrels of oil and 550 million cubic feet of gas. Several surveys have been completed in developing the Kaybob Property.
Interpretation and integration of this data supported the first Kaybob drill location (Kaybob S #1 Well). A short video link providing an illustrated background to the upcoming drill program can be found on the Company's website at www.pennantenergy.com 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 Pennants VP of Exploration, Mr. Jim Britton, P. Geol. P. Eng.
- A limited 3D seismic survey data covering some of the property was purchased and reprocessed.
- Upon review of this data a geochemical survey was initiated to identify prospective drilling locations not covered by the original 3D seismic data mentioned above.
- Upon review of the geochemical survey and original limited 3D reprocessed data a new extensive 3D seismic survey was conducted to expand coverage of all the farm-in acreage.
Depending upon the level of success achieved with the first well and the outcome of the Bronson 3D seismic survey, management may elect to continue developing the Kaybob Property or move the rig to our Bronson Property.
A new video of the current drill program is being shot and will be made available on the web sites of the joint venture partners as soon as it is ready.
The Company is also currently evaluating other oil and gas projects both located in Canada.
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 Mr. Jim Britton, P. Geol. P. Eng.
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
"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.
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