Pennant Energy Inc. was notified by its operating partner that it will spud a well on joint venture lands in southern Alberta on July 12, 2008. The well will be drilled to test the hydrocarbon potential of the Upper and Lower Mannville formations on lands earned through participation in a "Seismic Option Agreement" with Drumlin Energy Corp. announced in the Company's press release of December 17, 2007.
Through participating in and successful completion of the seismic program, the Company earned an undivided 25% working interest in 3 sections (1,920 acres) of land in the area and is not subject to further promotion. The Company will pay an undivided 25% of all costs associated with drilling and completion or abandoning the test
The Company's share of the estimated costs to drill and case or abandon is $123,000. Operation progress will be announced as the information is made available by the operator.
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