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News
03.02.2010
Pennant Announces Farmin on Pearl Project
Pennant Announces Farmin on Pearl Project
Pennant Energy Inc. (the “Company”) (TSX Venture Exchange – PEN”) is pleased to announce that it has signed a Farmin Agreement (the “Agreement”) with a private Alberta company (the “Farmor”) to drill a gas well test with multi zone production potential, in the Pearl Field area of southern Alberta. The terms of the Agreement call for the Company to pay 75% of the costs to drill and complete or abandon the Test well and as required, 50% of equipping and tie-in costs. Upon satisfying the terms of the Agreement, the Company will earn a reversionary working interest of 50% BPO reverting to 25% APO of a capital cost multiple, subject to Crown royalties. In addition, the Company will earn an undivided 25% working interest in all PNG rights to the base of the deepest formation evaluated in the Farmout Lands which cover 1 section, with the option to participate as to a 50% WI in future exploration and development within an area of mutual interest (AMI) for a period of 1 year from the effective date of the Agreement. Well is licensed and scheduled to spud in early February, 2010.
The Pearl well will qualify for the Alberta New Well Incentive Program, which provides for a maximum 5% Crown royalty rate during the first year of production. The program is in effect for all new wells drilled and begin production of conventional oil or natural gas between April 1, 2009 and March 31, 2011. In addition, upon application the Company will qualify for the $200-per-meter-drilled, Crown royalty drilling credit.
For further information on any of our projects please feel free to contact the company at 604-689-1799 or visit our web site at www.pennantenergy.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
_”Jim Britton”______________________
Mr. Jim Britton
P. Geol. - Director
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.
BOEs may be misleading, particularily when used in isolation. A BOE conversion ratio of 6Mcf: 1 bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not present a value equivalency at the wellhead.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Pennant Energy Inc. (the “Company”) (TSX Venture Exchange – PEN”) is pleased to announce that it has signed a Farmin Agreement (the “Agreement”) with a private Alberta company (the “Farmor”) to drill a gas well test with multi zone production potential, in the Pearl Field area of southern Alberta. The terms of the Agreement call for the Company to pay 75% of the costs to drill and complete or abandon the Test well and as required, 50% of equipping and tie-in costs. Upon satisfying the terms of the Agreement, the Company will earn a reversionary working interest of 50% BPO reverting to 25% APO of a capital cost multiple, subject to Crown royalties. In addition, the Company will earn an undivided 25% working interest in all PNG rights to the base of the deepest formation evaluated in the Farmout Lands which cover 1 section, with the option to participate as to a 50% WI in future exploration and development within an area of mutual interest (AMI) for a period of 1 year from the effective date of the Agreement. Well is licensed and scheduled to spud in early February, 2010.
The Pearl well will qualify for the Alberta New Well Incentive Program, which provides for a maximum 5% Crown royalty rate during the first year of production. The program is in effect for all new wells drilled and begin production of conventional oil or natural gas between April 1, 2009 and March 31, 2011. In addition, upon application the Company will qualify for the $200-per-meter-drilled, Crown royalty drilling credit.
For further information on any of our projects please feel free to contact the company at 604-689-1799 or visit our web site at www.pennantenergy.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
_”Jim Britton”______________________
Mr. Jim Britton
P. Geol. - Director
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.
BOEs may be misleading, particularily when used in isolation. A BOE conversion ratio of 6Mcf: 1 bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not present a value equivalency at the wellhead.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7080491011">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7080491011</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.