| | | Fri May 23, 2008
Pennant and Highpine commence production testing of Pembina well
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| | Pennant Energy Inc. (the "Company") (TSX.V-PEN) is pleased to announce that the Company has been informed by the operator, Highpine Oil & Gas Limited, (TSE -- HPX) that a service rig has been moved in for the completion and testing operations of the well "Highpine et al Pembina 102/16-29-048-08W5/00". The well was spud on March 9, drilled to total depth, logged and cased by March 27, 2008. The Nisku formation was
encountered close to depth prognosis. Due to spring road ban closures, Highpine and Pennant had to wait to move in production testing equipment. Progress of completion and testing operations will be announced, as Highpine makes the information available. Testing should take approx 10 to 14 days. The Company is participating as to a 24% interest in the well.
The Pembina Field is a large, mature oil and gas field centered approximately 65 miles southwest of the City of Edmonton, Alberta. Individual wells in each of the neighboring pools have produced at rates of in excess of 1000 barrels of oil per day (bopd) and 3 million cubic feet of natural gas per day (Mmcfd). Based on 3D seismic data, the reservoir, encountered in drilling this well is approximately 140 acres in area with an average potential pay interval of 25 feet. For further background on the project please refer to our press releases dated March 13, 2008.
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.
"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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