| ||Fri Jun 22, 2007|
Pennant and Austin to commence Bronson exploration program in July
| ||Pennant Energy Inc. (TSX.V- PEN) ("Pennant") and Austin Developments Corp. (TSX.V- AUL) ("Austin") are pleased to announce that data from the Winter 2007 3D Seismic survey (referred to hereafter as the "3D Program") covering the Bronson property has been interpreted and the Bronson Summer 2007 exploration program will commence shortly.|
The Bronson and Kaybob properties are non contiguous acreage blocks located in prolific Southern Kaybob oil and gas field situated in Northern Alberta. The initial 3D seismic data covered the area between the properties, but only extended over the eastern portion of the Kaybob property and the west side of the Bronson property. The 3D Program, comprising 2 surveys carried out in January and February 2007, expanded coverage over both the Kaybob and Bronson properties beyond the area covered by the initial acquired 3D seismic data announced in our press release of August 3, 2006. This area had never been explored with 3D data.
Interpretation of the expanded Bronson 3D Seismic data indicates that there is a separate anomaly on the Bronson property. This anomaly may be large enough for the drilling of 4 wells and will be followed up with additional exploration beginning in July 2007. Based on this data, the Austin and Pennant will coordinate the summer drill program on the Bronson property. Austin will share development costs of the Bronson property on a 50/50 pro rata basis with Pennant upon satisfactory compliance with the farm-in terms on the Kaybob S # 1well.
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
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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