| ||Wed Sep 15, 2004|
Pennant receives initial flow rates from Daly field, Manitoba
| ||Pennant Energy Inc. ("TSX Venture Exchange -- PEN") ("PEN") is pleased to announce that it has been informed by its joint venture partner, Rideau Petroleums Ltd., that we have received initial flow rates from the first two wells drilled in the Daly field, Manitoba. The oil amount in each of the wells has steadily increased as gelled frac water is recovered from the wells. Initial production from our first well drilled has averaged 42.8 barrels of oil per day for the last four days. Initial production from our second well drilled has averaged 35.5 barrels of oil per day for the last three days. Of particular note here is that the second well is the only well that we will produce from only the one zone, the Lodgepole, which is why it is producing less than the first well. The first well and the last two completed, three of our four wells to date, will be commingled from both the Lodgepole and Bakken. The service rig is installing pump jacks on the third well and we should have flow rates from both the third and fourth well soon. |
Thomas Yingling, president of PEN stated, "We are very pleased to have such strong initial flow rates from our first two wells. We look forward to receiving the third and fourth well flow rates shortly. With existing strong infrastructure in place, we will be able to sell the oil immediately allowing Pennant to capitalize on the current strong oil prices. Pennant is well funded and this new cash flow will ensure that Pennant can proceed with several other projects it is currently looking at."
For further info on this project or any other company information please visit our web site at www.pennantenergy.com or call us at 604-689-1799.
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
Mr. Thomas Yingling
President -- CEO
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 16, 2004, Pennant Enters Into Agreement to Drill Well in Kabob, Alberta Area
You can view the Previous News Releases item: Thu Sep 9, 2004, Pennant Cases Fourth Oil Well and Producing from First Well
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