| ||Fri Nov 5, 2004|
Pennant Cases Fifth Daly Field Oil Well and Update
| ||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 our fifth well, located in the Daly field Manitoba, has successfully been drilled, logged and cased. The well is complete and we are very pleased to announce that logs indicate that we should be able to produce from both of the targeted zones, Lodgepole and Bakken. To date Pennant has drilled a total of five wells and has been successful in discovering oil in all five of them. |
Meekwap Project, Whitecourt Alberta
Pennant has been informed by its joint venture partner that our Meekwap project located approximately 50 miles northeast of the town of Whitecourt, Alberta is ahead of schedule. The well site construction has been completed with the road built, ground leveled and a 20 meter by 20 meter sump completed. A drill rig is booked and we anticipate drilling to commence in the third week of November. The test well is interpreted to encounter the north edge of Nisku reef, updip from the main pool and in a fully charged state as a result of Unit pressure maintenance. Individual wells in the Unit have recovered in excess of two million barrels of oil with initial production rates in exceeding 1000 bopd. The operator forecast the reserve potential from the prospect lands at up to 5 million barrels or more with initial production rates in the range of 300 to 1000 bopd. Natural gas reserve potential exists in the Shunda formation, the secondary target encountered at approximately 5,380 feet. The agreement includes Farmout Lands and a successful test on the first well could set up 3 to 4 additional locations.
Goose Creek, Kabob Field, Alberta
The Company's Goose Creek, Kabob field, Alberta project is on schedule and we anticipate commencing the drill program in early December. The Kabob Field is firmly established with significant oil and gas production reservoirs from surface to basement. The Kabob exploration well is to be drilled to a total depth of approximately 1800 meters to test for gas and oil potential in the Notikewin and Triassic formations respectively. Large, prolific Notikewin reservoirs are found in this area. The prospect location lies approximately 2 miles directly north of the northern edge of EUB designated Notikewin "E" pool found. Individual well recoveries from the pool range from 3 to 12 BCF. Initial production rates often exceed 5 mmcfd. The exploration play was generated based on a seismic defined anomaly which was interpreted as a template to the prolific Notikewin "A" pool, which has produced a cumulative 25.4 BCF (billion cubic feet) of gas from 1970 to date. Where structurally favourable, the Triassic formation can yield significant oil reserves. The Triassic "B" pool found in the northeast of Township 64 Range 19W5 immediately south of the Notikewin 12-01 well, is estimated by the EUB to contain 22 million barrels of oil in place with recoverable reserves in the 2 million barrel range.
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
President - Director
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: Tue Nov 23, 2004, Pennant Commences Drilling on Meekwap Project Alberta
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