Pennant Energy announced that the operator of the Badger 100/04-17-016-18W4/0 has informed the Company that it has been completed and successfully flow tested oil and natural gas from the targeted Mannville formation zones. This is the Companies second Badger well and based on the flow test data, the well is expected to produce oil and gas with NGL's, similar to that of the production performance of our offset Badger 100/02-07. Progress toward pipeline tie-in operations will be announced as the information is made available to the public by the operator. The Company holds an undivided 25% working interest in the P&NG rights below the base of the Belly River in the total section.
The Company currently holds a 25% interest in a total of 2 sections of land with an option to participate in future exploration and development activities within an area of mutual interest in the Badger area. The Company is currently evaluating additional drilling locations.
Thomas Yingling, President of Pennant Energy stated, "I am pleased to announce success at our second well on our badger project. The additional cash flow from this well added to our current production should impact our balance sheet quite positively, especially with only 23,431,974 shares outstanding and no debt. The Company is in a position now that it should be able to self finance its projects from internal cash flow."
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