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 Thu Jul 5, 2007
Pennant and Austin reach target depth on the Pennant Austin Kaybob S #1 well.

 Pennant Energy Inc. (the "Company" or "Pennant") (TSX: V-PEN) and its joint venture partner, Austin Developments Corp. ("Austin") (TSX: V-AUL) are pleased to announce that the Pennant Austin Kaybob S # 1 well has reached its target depth (TD). The well has been logged and "Ensign # 62 triple rig" is currently casing and cementing the well and will be demobilised once this process is completed.

The Kaybob S # 1 well will be open hole completed once the cement has hardened using a mobile completion rig. This rig is anticipated to arrive at the well site about July 8th 2007.

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.

Pictures and a short video of the drill program can be found on the Company's website at www.pennantenergy.com

On behalf of the Board of Directors

PENNANT ENERGY INC.

Per:

"Thomas Yingling"
Thomas Yingling
President and Director

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
 
 

You can view the Next News Releases item: Mon Aug 20, 2007, Pennant and Austin provide update on Kaybob S #1 Well

You can view the Previous News Releases item: Fri Jun 22, 2007, Pennant and Austin to commence Bronson exploration program in July

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