| ||Mon Aug 20, 2007|
Pennant and Austin provide update on Kaybob S #1 Well
| ||Pennant Energy Inc. (the "Company") (TSX.V-PEN) together with its joint venture partner, Austin Developments Corp.("Austin") ( TSX- AUL ), together known as the "The Companies" announce that production testing of its Kaybob S # 1 is complete. After reviewing the geophysical logs of the well, multiple zones were tested. Although hydrocarbon was encountered, none of the zones tested proved to contain commercial quantities. Kaybob S # 1 well will be abandoned and pinpointing of the drill for the Company's Bronson Property, Northern Alberta has commenced. |
The Bronson Property has an extensive 3D seismic program that was completed last winter, an existing geochem survey completed in July 2006, and a newly completed geochem survey. The newest geochem survey was completed in July 2007 and was conducted to pinpoint potential drill locations on the Bronson property. The Bronson property will be a 50/50 joint venture as Austin will be fully earned in by paying all the costs of drilling the Kaybob S # 1 well with the Company being the operator.
The Company is also undergoing due diligence on two other projects located in Northern Alberta.
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 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.
You can view the Next News Releases item: Thu Sep 27, 2007, Pennant and Austin successfully acquire key lands
You can view the Previous News Releases item: Thu Jul 5, 2007, Pennant and Austin reach target depth on the Pennant Austin Kaybob S #1 well.
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