| ||Wed Dec 1, 2004|
Pennant Producing from Fifth Well and Receives First Revenue Cheque
| ||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, now has its pump jack installed and is producing. Pennant is also pleased to announce that it has received its first cheque from the sale of its September oil production. Pennant now has positive cash flow and is debt free. |
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. Drilling is well underway and we hope to be able to provide an update soon. 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.
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.
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