Pennant announced that, pursuant to its press release of July 10, 2008, the well, Badger 100/02-17-016-18W4/00 was drilled, completed and successfully tested the oil and gas potential of the Mannville formations on lands earned through participation in a seismic option agreement with Drumlin Energy Corp.
The well, which is operated by a major operator in the area, was spud on July 14 and by August 19 had been drilled, completed and production tested. The well successfully tested both oil and gas with no appreciable
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
Thomas Yingling, President of Pennant Energy, stated, "I am very pleased and excited for the shareholders of Pennant. This new well, as it tests now, could potentially add an additional 40 BOEPD net to Pennant's production. Our other well drilled this spring with Highpine Oil and Gas, which is waiting on tie-in, is capable of initial production of about 181 BOEPD (raw gas and condensate combined) net to Pennant's working interest.
"Once these two wells are tied in Pennant's working interest production capability could be as high as approximately 220 BOEPD. This significant increase in Production combined with the fact that we still only have 16.5 million shares outstanding and no debt will impact our balance sheet dramatically."
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