VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 09/28/11 — Thomas Yingling, President of Pennant Energy Inc. (TSX VENTURE: PEN) is pleased to announce it has been informed by the operator, Donnybrook Energy Inc. (Donnybrook) of Calgary, that on Sept 19, 2011 the Bigstone Test Well drilling operations had been completed and the drilling rig was released. The Test Well was drilled vertically to the Montney formation from surface location 00/03-29-060-22W5/00 and then horizontal to a total measured depth of 3,818 meters, terminating at the projected bottom hole location 00/14-29-060-22W5/00. A twelve stage frac completion string has been set in place along the 1254 meter well lateral (horizontal portion) leg in preparation for frac operations. The Bigstone well was drilled within the timeframe and cost estimate of the operators AFE forecast budget Donnybrook has informed Pennant that it has secured a contract for a completion rig and frac crew for the middle of October.
Industry activity in the Bigstone/Fir area continues to get excellent test results from the Montney Formation. The most recent completion and production results from a 2600m lateral with a 24 stage frac was flow tested at 15mmcf/d; natural gas liquids recoveries are expected to be in the range of 40-60 bbls per million feet of raw gas produced. The well is located 5 miles south of Pennant–s Bigstone property and was targeting the same interval in the Montney Formation. Three more wells are currently proposed in the Fir area by industry participants prior to year end. This brings the total number of horizontal wells drilled or licensed to be drilled into the Montney Formation at Bigstone and Fir to 9 this year.
Information regarding completion and testing of the Bigstone well will be provided as it is made available by the operator.
To view a brief video detailing the horizontal frac process, please visit our web site at and for further information on any of our projects please feel free to contact the company at 604-689-1799.
ON BEHALF OF THE BOARD OF DIRECTORS OF PENNANT ENERGY INC.
Mr. Thomas Yingling, President
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Pennant Energy Inc.
Mr. Thomas Yingling
President
(604) 689-1799
(604) 689-8199 (FAX)