Pennant Announces Plans to Drill the First Success Well at Its New Oil
Exploration Project in the Mantario Area of West Central
Saskatchewan Focusing on the Lower Mannville
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/04/13 -- Pennant
Energy Inc. ("Pennant" or the "Company") (TSX VENTURE:PEN) is pleased
to announce that it plans to spud its first Success Formation well at
its new oil exploration project located in the Mantario area of West
Central Saskatchewan (the "Mantario Project") in the fourth quarter
The Mantario Project consists of 1,440 gross acres (net 432 acres) of
P&NG rights located approximately 21 kilometers southeast of Rock
Energy Inc.'s Mantario oil project. Pennant will earn a 30% working
interest by payment of 50% of the drilling, completing, equipping and
tie-in costs of the first well. At this time, the well is scheduled
to spud from a surface location at 15d-6-26-24W3 with a total depth
of 1,000 meters.
Garth Braun, President and CEO of Pennant stated, "The Mantario
Project has been developed with an extensive due diligence process
including the shooting of 960 km of 3D and the processing of 2D and
3D seismic data. The Mantario Project has strong analogue support to
Rock Energy's Mantario oil discovery that currently has 31 wells in
production. Pennant will be looking to aggressively explore and
develop this oil project."
Pennant is also pleased to announce that it has appointed Ron Schmitz
to the board of directors and to the Company's audit committee. Mr.
Schmitz is currently the Chief Financial Officer of the Company.
About Pennant Energy
The Mantario Project is comprised of a total of 1,440 acres (net 432
acres) in West Central Saskatchewan. Multiple oil drilling locations
have been identified based on the 3D technical review.
Pennant's Bigstone Project is comprised of lands and licenses
covering a total of 5,120 acres (net 1,120 acres), in Township 60,
ranges 22 and 23W5 at Bigstone, Alberta. By completing the terms of a
farm in agreement with Donnybrook Energy Inc., Pennant earned 25 per
cent of Donnybrook's interest in the Bigstone lands and in any future
operations within an area of mutual interest.
On behalf of the board of PENNANT ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This press release contains forward-looking information that involves
various risks and uncertainties regarding future events related to
the completion and the timing of the spud of the Company's first
Success Formation well and the productivity of such well and any
other wells that may be drilled in the Mantario Project. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially from
those contained in the statements and are not guarantees of future
performance of the Company. No assurance can be given that any of the
events anticipated by the forward-looking statements will occur or,
if they do occur, what benefits the Company will obtain from them.
These forward-looking statements reflect management's current views
and are based on certain expectations, estimates and assumptions
which may prove to be incorrect. A number of risks and uncertainties
could cause our actual results to differ materially from those
expressed or implied by the forward-looking statements, including:
(1) the risk that the Company may encounter difficulties in the
drilling, completion, equipping or tie-in, as applicable, of the
first Success Formation well, including technical difficulties, (2)
the risk that the drilling of the first Success Formation well will
not result in the discovery of any quantity of petroleum and/or
natural gas or sufficient quantities to justify commercial production
from such well, (3) a continued downturn in general economic
conditions in North America and internationally, (4) the inherent
uncertainties and speculative nature associated with oil and gas
exploration and production, (5) a decreased demand for natural gas,
(6) any number of events or causes which may delay or cease
exploration and development of the Company's property interests, such
as environmental liabilities, weather, mechanical failures, safety
concerns and labour problems, (7) the risk that the Company does not
execute its business plan, (8) inability to retain key employees, (9)
inability to finance operations and growth, and (10) other factors
beyond the Company's control. These forward-looking statements are
made as of the date of this news release and, except as required by
law, the Company assumes no obligation to update these
forward-looking statements, or to update the reasons why actual
results differed from those projected in the forward-looking
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED
THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE
NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
QIS Capital Corp.
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