| ||Tue Aug 14, 2012|
Pennant Announces Succesful Disposition Of Daly Field, Manitoba Interests
| ||Vancouver, B.C., August 14, 2012 -- Thomas Yingling, President of Pennant Energy Inc. (TSX.V-PEN) is pleased to announce that it has completed an Assignment and Conveyance Agreement with Tundra Oil & Gas Partnership for the sale of all of its Assets in the Daly, Manitoba Field for a cash consideration of $380,000. The Company Assets included a 15% working interest in 5 producing oil wells and various interests in 4 shut-in oil wells. The Company's recent working interest share of production from the Daly interests averaged approximately 2 to 3 barrels of oil per day. The proceeds from sale of the Assets will be applied to it's on-going development of the Bigstone Field, Alberta project, as well as evaluating additional oil properties. The settlement date of the Daly Asset disposition is May 1, 2012.|
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. Thomas Yingling
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FORWARD-LOOKING STATEMENTS Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Pennant's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Pennant believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events, which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our management's discussion and analysis, Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Pennant does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Where amounts are expressed on a barrel of oil equivalent ("BOE") basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References to oil in this discussion include crude oil and natural gas liquids ("NGLs"). NGLs include condensate, propane, butane and ethane. References to gas in this discussion include natural gas. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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