| | | Tue Jan 26, 2010
Pennant to Drill Offset Well on Badger Property
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| | Pennant Energy Inc. (the "Company") (TSX Venture Exchange -- PEN") is pleased to announce that it will be participating with it's joint venture partner (and operator) in the drilling of an offset location to our successful Badger 100/02-17-016-18W4/0 well. Based on the production performance of the Badger 100/02-17 and seismic data the offset well, to be located at 04-17-016-18W4/0, will target the second Mannville formation anomaly identified from the seismic program carried out during the winter of 2007-2008. Through participation in the 2007-2008 seismic program the Company earned a 25% working interest in the P&NG rights below the base of the Belly River in the total section. The operator has notified the Company that drilling license approval has been received and that it will begin preparation of the surface lease for drilling within the week.
The Badger 100/02-17 well has been producing oil, gas and natural gas liquids (NGL's) since January, 2009. The initial production rates from the well were over 1.1 million cubic feet of natural gas per day (Mmcf/day) and 30 barrels of oil per day (bopd). It has produced approximately 220 million cubic feet (Mmcf) of natural gas and 6.8 thousands of barrels (Mbbls) of oil to date and is currently producing approximately 500 Mcf/day of natural gas and 15 bopd. Should the offset, Badger 04-17 location encounter a similar and separate anomaly to that of the 02-17 well, it is anticipated to produce in a similar manner.
The Company will announce further information on progress and outcome of drilling results as the information is made available by the operator.
The Company currently holds a 25% interest in a total of 2 sections of land with an option to participate in future exploration and development activities within an area of mutual interest in the Badger area.
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.
"Jim Britton"
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.
BOEs may be misleading, particularily when used in isolation. A BOE conversion ratio of 6Mcf: 1bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not present a value equivalency at the wellhead.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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