| ||Mon Dec 17, 2007|
Pennant Signs Seismic Option Agreement
| ||Pennant Energy Inc. (TSX Venture Exchange - PEN") is pleased to announce that it has signed a Seismic Participation Agreement with Drumlin Energy Corp., a private Calgary based company, to participate in shooting and processing a 3D seismic survey to identify high quality, Mannville channel reservoir development/drilling locations. The program, located in Southern Alberta, will cover approximately 4.5 square miles. The terms of the Agreement allow Pennant to earn an undivided 25% interest in 3 sections (1,920 acres) of land in the area. Pennant is not subject to further promotion, and will have the option to participate on a pro rata basis in drilling and development activities thereafter. Permitting for the program and other regulatory matters are currently underway and the shooting is expected to begin by December 19, 2007. |
For further information on any of our projects please feel free to contact the company at 604-689-1799 or visit our web site at www.pennantenergy.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
Mr. Jim Britton
P. Geol. - Director
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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