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 Thu Jun 21, 2007
Pennant Austin Kaybob South #1 well drilling progress

 Pennant Energy Inc. (TSX.V- PEN) and Austin Developments Corp. (TSX.V- AUL) ("Austin") ("Pennant") are pleased to provide the following drilling update on our well, the Pennant Austin Kaybob South #1. Further to the news release dated June 7th 2007, announcing the June 6th, 2007 spud date of the well, we are pleased to inform you that to date we are on schedule and under budget. The Ensign 62 Triple rig has been operating 24 hours a day. This progress has been achieved through an exceptional job by the drilling supervisor and crew in maintaining control of costs and drill bit selection. Currently, we are in the final stages of drilling and we expect to reach total depth by the end of June. A completion rig will be brought in to finish the well with a completion date estimated to be in mid to late July, weather conditions and lease access permitting.

Please visit Pennant's web site www.pennantenergy.com to view a video and pictures of the actual Kaybob South Drill in action. For further information on this or any of our projects please feel free to contact Pennant at 604-689-1799 or toll free investor relations at 1-800-689-1799.

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., Director.
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.

"Thomas Yingling".
Mr. Thomas Yingling
President

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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