Pennant Energy Inc. reported that, pursuant to the terms of the Seismic Participation Agreement with Drumlin Energy Corp. announced in our press release of December 17, 2007, the shooting portion of the 3D seismic survey has been successfully completed. Processing of the data is currently underway with results expected shortly. The objective of the seismic program is to pinpoint high quality Mannville channel reservoir development/drilling locations. Upon favorable seismic results drilling will commence. The program, located in Southern Alberta, covered approximately 4.5 square miles. Through participating in the shooting and processing of the 3D seismic survey Pennant will earn an undivided 25% interest in 3 sections (1,920 acres) of land in the area. Pennant is not subject to further promotion and will have the option to participate on a pro rata basis in drilling and development activities thereafter.
The Company announces that it continues to seek additional production acquisition/drilling prospect opportunities and is currently conducting due diligence on several projects located in Northern Alberta, and Saskatchewan. The Company will update shareholders as events arise.
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