Austin and Pennant Abondon Kaybob S No. 1 Well

Austin Developments together with its joint venture partner, Pennant Energy says that production testing of its Kaybob S No. 1 is complete. After reviewing the geophysical logs of the well, multiple zones were tested. Although hydrocarbon was encountered, none of the zones tested proved to contain commercial quantities. Kaybob S No. 1 well will be abandoned and pinpointing of the drill for the Bronson Property, Northern Alberta has commenced.

The Bronson Property has an extensive 3D seismic program that was completed last winter, an existing geochem survey completed in July 2006, and a newly completed geochem survey. The newest geochem survey was completed in July 2007 and was conducted to pinpoint potential drill locations on the Bronson property. The Bronson property will be a 50/50 joint venture as the Company will be fully earned in by paying all the costs of drilling the Kaybob S No. 1 well with Pennant being the operator.

The Qualified Person for the Kaybob and the Bronson Projects, who holds responsibility for the accuracy of the technical information contained in this news release, is Jim Britton, P. Geol. P. Eng.


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