Pennant updates Pembina 16-29 well

Pennant Energy Inc. says that the well “Highpine et al Pembina 102/16-29-048-08W5/00″ has been drilled to total depth and cased. The well, which spud on March 9, was drilled in 19 days, 7 days under the original estimated time of 26 days to reach this stage of operations. The Nisku formation was encountered close to depth prognosis.

Timing of the completion and testing operations is contingent upon weather conditions. The recent warm weather has resulted in diurnal road bans restricting transportation of heavy equipment to the cooler, night time hours. Announcement of testing operations will be made upon Highpine’s notification to Pennant. The Company is participating as to a 24% interest in the well.

The Pembina Field is a large, mature oil and gas field centered approximately 65 miles southwest of the City of Edmonton, Alberta. The Pembina Devonian Nisku play has been evolving since 2002-2003 through the application of improved 3D seismic data recording and interpretation techniques.

The hydrocarbon accumulations are trapped in dolomitized reefs encountered in a northwest — southeast trend, extending through and including Townships 48-49 Ranges 8-9W5. The Nisku reef wells have exhibited prolific production and reserves, producing both light oil and liquids rich, sour natural gas.